Inching Higher, 1 Jun 2023

2023年5月31日

🖼 Daily Technical Picture 📈

➤ Markets pulled back but in the short-term, it is still zig-zagging upwards. It is inching higher and so is the hurdle required to proof the case for a new Bull market.

➤ For May, the monthly price failed to close above the Feb high just like in prior months. It has however put in a place a higher high. The higher high at 422.58 on the SPY is the new monthly hurdle that needs to be eclipsed. It is both hope and a struggle. The hope is for a new Bull market, the struggle is to get there. Picture a tiring swimmer that is treading water, getting closer to safety but barely keeping afloat.

➤ I hold a small short position.

➤ Conclusion: 🐆 Pricing is setting up for a high conviction short opportunity but I also said that many times in May. It failed to materialise into a trade.

EQUITY TREND:

⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN