Kumowizard

SP500 - The one man show. Is top building possible?

FX:SPX500   S&P 500 index of US listed shares
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Honestly? I don't know if it is possible or not. This mkt is super strong, despite even some smart bulls have now the feeling few fundamental things suggest it is getting more than irrational. But technically still no big reason to sell into it with high confidence.
Investors in US just don't care! They laugh together with the stand up comedian. Europe sells off? Who cares? EM sells off? Who cares? Rate hikes, taper? Who cares? The show must go on!
We see some early signs of a possible correction on the daily chart , also some breath indicators (not visible here) gave some early bearish signals, but my 4 Hrs trading time frame is still mild bullish . So for now, still watch px             action and the short term support level, which by now has come up to 1855. Next key support is seen on daily ard 1810. Keep in mind, the real bear mkt can only start with breaking below 1800! (It's not impossible later this year)
Update: Europe is under heavy selling! Spx 1850-55 is under attack! Watch for the close on 4 hrs! There will be a valud sell setup.
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