OK, it is not yet bearish, but a bullish mkt doesn't look like this. SP500 in recent weeks is rather like an abandoned place, where no one really has interest to do anything, except some sector rotation, etc.
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 bearish 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 bearish now. Ichimoku setup is still bullish 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 bullish side at all. Well, of course those who know me personally can tell that nothing has changed, since I have been a perma bear and counter player on SP500 for quite some time now :-)
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 bearish 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 bearish now. Ichimoku setup is still bullish 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 bullish side at all. Well, of course those who know me personally can tell that nothing has changed, since I have been a perma bear and counter player on SP500 for quite some time now :-)