Kumowizard
Short

Bullish bias, but a local top is possible

FX:SPX500   S&P 500 index of US listed shares
316 2 20
Weekly:
- Ichimoku setup is bullish until market holds above 1990 equilibrium.
- EWO             and MACD are bullish
- Heikin-Ashi has some early signal for a possible consolidation and local             top here: haDelta/SMA3 cross down after haDelta reached an extreme high last week. (momentum is slowly dropping)

Daily:
- Ichimoku setup is bullish , with supports at: 2130 +/- and 2080. However price got bit far above the 2080 equilibrium, and Kijun Sen is still flat.
- Heikin-Ashi candles signal loss of bullish momentum. So far it looks like we have the third candle with smaller body and lower high, and also with a tiny lower wick! haDelta also shows some negative divergence, but it is still above zero.

4H:
- Ichimoku picture is bullish , but be cautious as Kijun is up to price and Chikou Span also lost open space (may hit past candles). This itself shows consolidation.
- Heikin-Ashi signal is slightly bearish , price briefly dips below Kijun. In case we have a confirmed break below Kijun, market can retest 2130 +/- support. Should it break the Kumo and 100wma later, then counter bearish move could send price even lower to 2080-2100 zone (but it's too early to speculate on this)
- EWO             is still green, but with a negative divergence


Strategy:
- If you are long, it is time to lighten up a bit.
- do not go all-in with heavy shorts. If you want to play the pull back, do so, but only with 0,5 volatility adjusted trade unit maximum.
Thank you for the great overview. The weekly on your chart looks like a potential top already, while the daily and 4 hour look more like bullish consolidation which still has room to the upside (contrary to my idea that the S&P 500 is going to decline very soon).
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