Daily: is now, so is Slow . But the main indicator, is neutral to medium still! Price is in the Kumo cloud, which is a consolidation zone. Trading ard Kijun Sen, which at moment acts rather as resistance for further moves. Tenkan is below Kijun (both within Kumo) - this is medium . Chikou Span below Px candles. If you look at Chikou peaks and bottoms, you can clearly see Price has reached the bottom of the , which is 1950-1959.
4 Hrs: pretty much confirming those I wrote above. Price moved out of the Kumo, but reaching key resistance levels here. setup is neutral to slight on this lower time frame, but and the turning Slow is worrysome. Unless bulls do something really big here, Price will likely fall back towards 1920.
At this point it is very difficult to make any big directional bets. I am stil biased for longer term, I just don't know when it will be a good time to re-build positions again. Maybe we will see some annoying lower range trading for a while in 1918-1950?
p.s.: By the way, it is not the SP500 what I consider to be the most overvalued mkt. That is rather Nasdaq100, with the biotech mania included.