Impressive and incredible bull-run from the lows but it's time to be cautious & patient at these levels.
- Hovering near the top of a 6 month resistance TL.
- The run seems to be overextended with RSI's overbought at nearly all longer timeframes.
- Trading way over the 10 & 20 day EMA's, unlikely to sustain at this pace for much longer.
- The SPX gap between 4020 and 4047 will certainly be filled; NDX gap-ups have fueled this rally.
- Decreasing volume & SMA approaching spike zone.
- 6-hour volume weighted MACD cross-over signaling potential reversal soon. The most recent 5 cross-overs always followed with a pullback as highlighted.
I'm not bearish, there is no reason to be bearish as this market can still grind higher but it's foolish to also believe the market won't take a needed breather in the process. ES levels from 3970-4010 are more likely to be tested sooner than later.
Note: I am not neglecting the possibility of a rally running into big tech earnings towards the end of the month; market never fails to surprise.
Trade safe!
- Hovering near the top of a 6 month resistance TL.
- The run seems to be overextended with RSI's overbought at nearly all longer timeframes.
- Trading way over the 10 & 20 day EMA's, unlikely to sustain at this pace for much longer.
- The SPX gap between 4020 and 4047 will certainly be filled; NDX gap-ups have fueled this rally.
- Decreasing volume & SMA approaching spike zone.
- 6-hour volume weighted MACD cross-over signaling potential reversal soon. The most recent 5 cross-overs always followed with a pullback as highlighted.
I'm not bearish, there is no reason to be bearish as this market can still grind higher but it's foolish to also believe the market won't take a needed breather in the process. ES levels from 3970-4010 are more likely to be tested sooner than later.
Note: I am not neglecting the possibility of a rally running into big tech earnings towards the end of the month; market never fails to surprise.
Trade safe!
Not
Idea did not materialize and there are no signs of reversal just yet. We're still ultra-bull so take advantage of it while it lasts but my personal take is that the market is setting itself up for a vicious pullback. Economic data & upcoming earnings are adding further fuel to fire.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.