Kumowizard
Short

SP500 - When ECB source says "maybe later"

FX:SPX500   S&P 500 index of US listed shares
146 0 2
Daily: Not much change since the last opst ( pls             see link below). It is simply very overbought. Doji candle yesterday. Kijun Sen is catching up, but still far below Price.

4 Hrs: Now higher high and may be a trendline penetration. Still no Ichimoku sell signal, but Slow Stoch is pointing down and DMI lines started to converge a bit. Key support is up to 2052 now. For now a minor drop to 2052-2055 is possible, but a real correction, a bearish countertrend can accelerate only with a break below the Key support.

The big question is how the equity mkts will digest recent comment from ECB sources saying they prefer additional time to assess current measures and QE "only option left if new measures needed", which means the delivery of more drogs to the QE addict mkts is not assured or at least will happen later. As I am writing this post, US datas came out weaker than expected too. I don't know how much it will influence SP500             today as getting closer to US holiday liquidity is likely to stay low, but I think slowly we will see further deterioration of this extreme bullish price action.

Get ready for profit taking and short selling!

p.s.: I do some top hunting here, sold 0,5 trade unit outright.
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