Reviewing the S&P500 futures ES1! weekly chart...
The candlesticks are suggesting some bullish upside to surprise as the tails are at the bottom, when prices are at the top/ATH. The tails keep the index bouyant above the support region (yellow rectangle). This is in contrast to the expectation for a retracement, and instead may extend higher. The volumes are still strong and healthy.
However, the RPM and MACD are conflicting, with the short term RPM crossing up in a downward spiral, and the MACD crossing down.
Looking at the Top 8 traders and Non-commercial net position, there are less bearishness in the recent weeks.
My take is a bullish bias. :)
The candlesticks are suggesting some bullish upside to surprise as the tails are at the bottom, when prices are at the top/ATH. The tails keep the index bouyant above the support region (yellow rectangle). This is in contrast to the expectation for a retracement, and instead may extend higher. The volumes are still strong and healthy.
However, the RPM and MACD are conflicting, with the short term RPM crossing up in a downward spiral, and the MACD crossing down.
Looking at the Top 8 traders and Non-commercial net position, there are less bearishness in the recent weeks.
My take is a bullish bias. :)
