So SP500 has not been doing anything. However the room is getting tighter and tighter. Sooner or later one side should start to dominate. Will it be or bullish? I think I don't have to add any comments to this chart, maybe the levels to watch:
Lower side: 2085 and 2045
Upper side: 2120
Daily: Heikin Ashi setup is rather now. setup is still to neutral.
Weekly supports: 2085 / 2050 / 1975
Fib retracement levels from the low 1075 (Sept/2011) to recent high at 2122:
- 0,236 = 1873
- 0,382 = 1720
- 0,5 = 1597
Guess what, a drop (let's say within 4 months) to 1975 support, which appr the 0,236 Fib retracement level too, would be only -5 % from the Tenkan Sen! Looking at the European indexes, well, -5 % is not that too much to give back during a correction.
The best I can do here is to still hold a small strategic short. I just can not believe in this mkt to stay on the side at all. Well, of course those who know me personally can tell that nothing has changed, since I have been a perma and counter player on SP500 for quite some time now :-)