Kumowizard
Short

I am bearish, the market is not yet. Lot of noise ahead?

FX:SPX500   S&P 500 index of US listed shares
236 0 7
Weekly:
- Ichimoku setup is still bullish . Equilibrium Price is ard 1960-1970.
- Price failed to make a higher high, pullled back to 100WMA support. Which way from here? Hard to tell. Maybe nowhere.
- Heikin-Ashi seemed extremely bearish last week, but finally due to bulls' action the candle and haDelta showed only indecision again. This week has just started, so far haDelta/SMA3 is stuck ard zero.
- EWO is still bullish , despite its value dropped a bit.

Not much to read from the weekly chart now, we only see there is lack of momentum . As summer is getting closer, we may experience a choppy market ahead. Nothing new, we've seen it couple of times in last 1,5 years.

Daily:
- Ichimoku setup is neutral here. Price touched Kumo top and 100WMA. Kumo is still thick below price so for 14-20 days ahead it still provides some stronger support, unless a black swan arrives suddenly. Tenkan/Kijun is weak bearish , Chikou/Price is neutral. What is more remarkable, that the Senkou A and B lines converged a lot = forward Kumo tightenned. So far this also tells us mkt lacks direction and in fact trades sideaways.
- Price may fluctuate in 2020-2075 range, which I know is quite wide range, but still it would be only a noise for me. Trend traders don't like this technical market.
- I also believe market has started to build a major Head and Shoulders pattern. Unfortunatelly it will be validated only in case price breaks below the neckline around 2025. One more "bad news" for bears: building the right shoulder may take another 1-2 weeks!
- Heikin-Ashi signal is corrective, together with haDelta is rather neutral.
- ATR is stuck at very low level --> there is no volatility

I am bearish . I've been bearish for weeks. However market is not.... ot not yet. I keep shorts. Sometimes more, sometimes less, as I really doubt Bulls can take the real control back and push it to new highs. However until I get more confirmation, I will not go short with big size.

I think we'll have a very annoying time before SPX             reveals its final direction. By the way same is true in case of other assets too, as for example Fixed Income is not trending either, and frankly speaking in most of the commodities we still only see wide range trading, but no real trends.
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