Bulls should take profit, Bear should be only mild bearish

FX:SPX500   S&P 500 index of US listed shares
270 1 11
- 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

- 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             .

- 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.
4 months ago
Im expecting a Pull back to 2110, let see !
Thanks for share ! :D
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki