Kumowizard
Long

SP500 - Turning bullish again short term

FX:SPX500   S&P 500 Index
89 1 0
Uh, when a perma bear for stocks like me says this, that is often the beginning of the end :-D.
Maybe I should buy it, but I will not. There are better places to play.
Anyway, short term charts are telling us Bulls may get back in control.

Daily: Slow Stoch turned up bullish again, after we saw the same (as before) fakey break and reversal pattern right below the Kumo. price is now back to the Kumo, and may attempt to break higher within a few days with a bullish Kijun Sen cross. MACD also turning up a bit, but as we know this is really a lagging indicator.
The big question still is if we can see new highs, or if Bulls get tired sooner. As if Bulls loose control, THEN the next round of selling will be more disatroues and painful.

4 Hrs: small corrective bearish trend is broken. Price flirting with the 100 WMA and the Kumo again. The current Kumo is still thick, and Slow Stoch is overbought, so we may see some retrace from the 1975 - 1980 levels first, but that pull back will likely be bought. We also have a weak bullish Tenkan/Kijun cross, and Chikou is close to cross above Price candles too. What's more, DMI is crossing bullish as well.

Strategy: You either stay on sidelines, or you go long on pull backs. Keeping shorts is not really a good risk-reward now, more forces pointing up than down. (black swans you can not price in, that is gambling, not trading).
If you decide to go l long with some, the support is ard             1955 - 1960.
Bullish momentum acceleration will take place above 1980.
The retracement from 1975 eventually happened, but instead of being bought, it broke further down. The major daily bullish trend is really in danger now.
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