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).