No real change here:
- setup is
- Heikin Ashi may deliver a new signal, but a higher high (new ATH ) is needed for confirmation
- 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
- 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 setup , as Tenkan is still below Kijun and Chikou Span should also come above past candles.
- Is it just a retest of the previously broken 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 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 . Of course we can not see it yet if this low going nowhere price action is already a phase of a top building, or just a consolidation before the next leg up. But you know the longer a trend goes, the more likely it will soon end.