Kumowizard
Short

Bulls should take profit, Bear should be only mild bearish

FX:SPX500   S&P 500 index of US listed shares
270 1 11
Weekly:
- Bullish Ichimoku setup. Supports: 2085 / 2050 / 1990 (key strategic reversal point)
- Heikin-Ashi shows loss of bullish momentum: candle body shrinks (may become inside candle by end of week), haDelta crosses below SMA3 after reaching extreme high.
- EWO and MACD are still healthy bullish
- Pull back in coming weeks to prev. breakout point is possible

Daily:
- Bullish Ichimoku setup, but market is overbough, price is too far above equilibrium level of 2085.
Support zone is 2085 - 2115
- After a decent rally, Heikin-Ashi shows indecision: 3 doji candles in a row. Today candle is doji-like so far. haDelta/SMA3 down to zero.
- Profit taking could trigger a swing lower in case price closes below Tenkan Sen and hits SAR             .

4H:
- Ichimoku setup has turned neutral. The tech picture is really similar to yesterday's USDJPY: Price is below Kijun, still above 100wma and Kumo. Averages turned flat, and they are close to each other in value: forward Kumo is thin.
- Lower key level is 2159-2163. A break below could be the start of a counter trend move. Swing short positions could then tgt             2115.

Summary: Big picture remains bullish , but short term a pull back to 2100-2115 support would be healthy and nothing suprising.

Note: also worth to watch $VXX. In case volatility ETF trades and closes above 11,60 on 4H, that could be confirming signal for short term equity weakness too. $VXX may spike as high as 12,50-13,00 initially.
Dguaman
4 months ago
Im expecting a Pull back to 2110, let see !
Thanks for share ! :D
Reply
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