Kumowizard

SP500 - The market which can never fall!

FX:SPX500   S&P 500 index of US listed shares
315 0 6
Weekly:
No real change here:
- Ichimoku setup is bullish
- Heikin Ashi may deliver a new bullish signal, but a higher high (new ATH             ) is needed for confirmation
- Trendline and the horizontal Red lines show obviously where would be the end of one of the longest Bull market in history and where would it turn into really bearish

Daily:
- Now we clearly see 2100 +/- is the equilibrium level, but 2070 is the ultimate level which Bulls always try to defend. And again, Price could not close below the Kumo, marched higher from 2070. Still I'd not call the Ichimoku setup bullish , as Tenkan is still below Kijun and Chikou Span should also come above past candles.
- Is it just a retest of the previously broken bullish wedge and price will drop again, or will we see new high?
Watch Heikin Ashi candle today! As yesterday mkt could not hit a higher high, today candle may print an inside body, at least so far haDelta points that way. In this case Heikin Ashi will clearly indicate a loss of bullish momentum .

Igt             is not so easy to trade SP500             this year, as it is not really trending, and even the swings are really small. Kind of dull.

Looking at the weekly it is still long term bullish . Of course we can not see it yet if this low volatility going nowhere price action is already a phase of a top building, or just a bullish consolidation before the next leg up. But you know the longer a trend goes, the more likely it will soon end.
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