Kumowizard

Bulls face a resistance zone,where bears may start a greedy hunt

FX:SPX500   S&P 500 index of US listed shares
235 0 10
I make only daily chart notes this time. For weekly picture please see my last post below!

Daily:
- Ichimoku is turning more bullish: Price is above Kumo, future Kumo is close to a bullish Senkou Span cross. Market has good and strong supports below: 100 WMA with Tenkan Sen ard 1960, Senkou A and B ard 1950, and Kijun Sen ard 1908. (--> positive)
- Price got bit too far above Kijun quite quickly, basically without any major correction since this move started from the 1800+ lows. We had only few days of hesitation rather than major pull backs, this is also reflected in EWO bars. Price also reaches a possible horizontal resistance zone: 1996 - 2016. Next major resistance above would come ard 2050-55. (--> possibly short term negative)
- Heikin-Ashi shows loss of bullish momentum . Lower candle highs and shrinking candle bodies. haDelta/SMA3 down to zero. This means undecision. (--> short term negative)

Everybody is loud on NYMO and other stupid extremes! Who cares if price action doesn't confirm?

What do we see here after all? I think a pull back from this possible resistance to 1960 +/- can happen, and would be healthy, but such as Bears are trying a greedy and desperate hunting here, Bulls will likely do the same on buy side, should we get to the mentionned lower supports!
This setup is FAR FROM BEING BEARISH , so we can not yet think about a large strategic short position with good expected risk/reward.
What we can try is to open some swing shorts, but only 0,5 trade unit and with tight stops (maximum at 2007).
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