Since January 2, the S&P 500 has been on a downward trend, as indicated by market signals pointing towards a decline in the index’s value.
Comment:
We find ourselves in a somewhat uncertain situation, particularly around the inflection point of 4.758,4. The indicator is still in play, and its closure could go either above or below this value. Exploring lower time frames for more insights, I observed a bit of volatility. The indicator did briefly close in the 4.740 - 4.750 range but swiftly reverted. Currently, the price is hovering around 4760, and the indicator has maintained a neutral stance throughout Wednesday. Considering these factors, a pragmatic approach might involve cutting losses, closing the short position, and patiently waiting for a new signal that confirms either an upward shift or a return to a bearish trend. Unfortunately, my coding skills in Pine are not advanced enough to incorporate these actions directly into the indicator, so I'm simply interpreting the data at hand