mikeoakster

Time to go down?

INDEX:SPX   S&P 500 Index
Price reached the top of the channel as I've been posting since two months ago, and last week was the first one not making a higher high since the February's low.

After eight weeks of buyers' control (white heiken ashi) in a row, Tenkan Sen remains below Kijun Sen, both remain below the Cloud, and future Kumo remains bearish , meaning that, while price and Chikou Span are both above their respective Clouds, the weekly momentum has never turned bullish nor even neutral.

So it appears to me as the index is now starting to roll over, and there is no Tenkan nor Kijun to support the bull ride's continuation. Besides that, the Cloud beneath the price is very thin, so no strong support there neither. Of course Chikou will have to deal with the support coming from past price and past Cloud.

Projections? Well, just ideas now... the idea that the index is now headed to the base of the channel... but first, heiken ashi has to turn red and price has to break the ascending trend line.
Ideas Scripts Chart
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