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rsoriano

SP500 Created New Highs, Beware of Being a Buyer Tho!

Short
S&P 500 Index (FX:SPX500)  
rsoriano Updated   
FX:SPX500   S&P 500 Index
Trend Analysis Beyond Technical Analysis S&P 500 (SPX500) reynaldo ESTE technical
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trendanalysis beyondta spx500 reynaldo este technical
My Bullish view of the SP500 is no longer in effect despite the LH on the Weekly failed. Yes at one point, buyers left and sellers took over.  With news, buyers did come back in the end.  As a result, for the past 2 weeks, buyers were in control that it created new highs.  The question is, who are these buyers?  Institutions or Retailers?  I can guarantee you that it's not institutions. 
That being said, I am bearish short to medium term and we can't deny that long term is still Bullish!

Verdict: Bearish short to medium term

snapshot
Comment:
Confirmation of a new High on the weekly has been established. Sellers over ruled the Buyers from the previous week and target point to downside 2829 and 2802. Expect a bullish correction to the 2890 area.

Verdict: Bearish.
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