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Auguraltrader
May 22, 2021 6:01 AM

S&P500 still latently bullish... Long

E-mini S&P 500 FuturesCME

Description

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. :)
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