Lets look at the big picture, the monthly time frame for the S&P500: We see a bullish Ichimoku cloud, 9 day and 26 day has snapped back together, and an incomplete head & shoulders pattern.
The monthly Ichimoku Cloud is most reliable and accurate in the monthly time frames and we see a healthy green cloud still pointing upwards. We also have the 9 day and 26 day avg lines which can show us whether the trend can stay or change; if the 9 day (blue line) crosses over the 26 day day we can expect a trend shift OR it can disbands to the upside & we continue going higher. Lastly we have to watch how the monthly candle completes; If we end the month with a red candle, next month candle can possibly test the 9 day and 26 avg lines (to complete the head and shoulders pattern) before further upside.
I do realize the weak economic data signalling recession but for the time being indicator are still signalling upside.
Trade with no emotions and be PATIENT. An analysis, not an investment advice
On your chart, September 2000 was a similar setup with ichimoku and we fell right through that beautiful green cloud....just pointing out the possibility
Litwolf
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@jeremy.jacques79, yeah, you're correct! We have a lot of possible outcomes and that's a scary one.. but I believe once the trade deal is finalized, that momentum will bring us to all time high then we'll fall, fall, fall.
W3rN0tAl0n3
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@Litwolf, definite possibility...thanks for sharing bud.