Daily: It looks like bullish. Yes it is still bullish. Price above Kumo, with new ATH print yesterday. Chikou above Price.
Slow Stoch got overbought again, ADX still dropping!
More or less this is the Ichimoku tech analyses part.
However there are some important questions: why there is no real turnover behind the bullish move, at least in the last few days? That's also a question why less and less SP500 components participate in the bullish move. Number of Bulls (AAII Bull/Bear) is again at super high levels, VIX futures is not really dropping further, bonds are still rather bid, Oil is in a deep trouble (in general commodities have seen heavy selling pressure in last 3-6 months), even the Big Money Printer FED calls attention for rate hikes rather sooner and mention sometimes that there may be a bubble developing espec in Nasdaq. US companies are also reducing share buybacks at these levels. etc etc.
Until Price goes up it is bullish, but still I have the feeling we'll see some pull back, then top building and maybe a break down drama later this year.
4 Hrs: Looks like a bull, but starts looking like a chance for some top consolidation here. There is some tension between Slow Stoch and Price action (divergence?)Supports are: 1990 and 1972 (this can be the first pull back tgt in case)
1 Hr: Looks like here the bullish momentum has lost. Looks like a trendline penetration. The Kumo is close and is thin enough. Also looks like Chikou Span may cross below Price candles
Strategy: I started to buy some OTM Put options for October and December maturity. Slowly buying VIX too in small clips. opened small outright short already (also some for Nas100) and looking to add some more if breaks eventually happens on 1 Hr chart.
Slow Stoch got overbought again, ADX still dropping!
More or less this is the Ichimoku tech analyses part.
However there are some important questions: why there is no real turnover behind the bullish move, at least in the last few days? That's also a question why less and less SP500 components participate in the bullish move. Number of Bulls (AAII Bull/Bear) is again at super high levels, VIX futures is not really dropping further, bonds are still rather bid, Oil is in a deep trouble (in general commodities have seen heavy selling pressure in last 3-6 months), even the Big Money Printer FED calls attention for rate hikes rather sooner and mention sometimes that there may be a bubble developing espec in Nasdaq. US companies are also reducing share buybacks at these levels. etc etc.
Until Price goes up it is bullish, but still I have the feeling we'll see some pull back, then top building and maybe a break down drama later this year.
4 Hrs: Looks like a bull, but starts looking like a chance for some top consolidation here. There is some tension between Slow Stoch and Price action (divergence?)Supports are: 1990 and 1972 (this can be the first pull back tgt in case)
1 Hr: Looks like here the bullish momentum has lost. Looks like a trendline penetration. The Kumo is close and is thin enough. Also looks like Chikou Span may cross below Price candles
Strategy: I started to buy some OTM Put options for October and December maturity. Slowly buying VIX too in small clips. opened small outright short already (also some for Nas100) and looking to add some more if breaks eventually happens on 1 Hr chart.