Just posting my quick thoughts on spx500
. Strong momentum to the upside. So , I am not surprised with move to the upside. has hook and rising. But divergence can be seen in momentum however
. Prices is above red resistance line . If you are not long, dont chase it now. If you are long, trail ur stops. FED meeting is this week. Worth noting is Kijun on daily is far from price . What does that mean? We have two options: Either price pulls back or we consolidate in time untill kijun do some catching. But this week will be volatile. VXX took a lot of beating in few weeks and I expect it to pullback. So, I expect a pullback here. Time will tell how deep of a pullback. If we pullback and consolidate around breakout zone, then I'll consider long again.
Happy trading this week to you all....