Situation becomes subtle for SPX, multiple possible scenarios

FX:SPX500   S&P 500 Index
0. Review
Called for 2035 ES retrace yesterday night, and it did print, but later than I expected.
My short order got filled @ 2042 and Exited @ 2035.
Tried to long at 2031.75, but stopped with a few points gain.
I expected it print midnight, then continue the rally. But it didn't. Yesterday's status quo gives a sign for a rest of rally, especially before Easter.

1. Volume Price Analysis

Today's volume is slightly below average and continued shrinking. It's the sign of topping.

We had heavy volume around 2042 to 2045 cash on the 5min chart, which is a retest of yesterday's weak volume area.

2. A 2-day forecast
We don't know it's a rest today before another rally or a temporary top is here. I will not place any unattended overnight order from today since it's more subtle now.


Dermark sell setup invalidated on the daily chart . We may not have a clear sell signal here, it could be a rest before next rally, or moderate retrace start today.

I will be careful either long or short, but I'm less bullish now. Tomorrow we probably retest 2040 ES high and again have a sideway touches lower, and may as well close at a lower price than today.
That's today's call.

Happy trading to all and be cautious!
- Hank

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