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.