SP500 - Still in consolidation. Bulls try at range top
Weekly:
- 7th week with sideaway move. Consolidation.
- The major trend of course is still up, despite the long existing MACD negative divergence
Daily:
- Swings and swings. Hard times for trend followers. Actually Price is trying to cross back above Kumo and Kijun Sen, after Kumo retest was done, however it should move quite some and quite quickly to change Ichimoku picture decisive bullish again.
- Heikin Ashi candle is green today, let's see how high bulls can push it (if they can).
4H:
- Price and Chikou Span both above Kumo, but Price still needs to break above 2085 range top to be able to keep bullish bias.
- Heikin Ashi setup shows some undecision.
Honestly, I do not have any idea which way to trade this market. It's not clear if the bullish atempt will fade at range top again, or by the end of the day it breaks above 2085. For choice the whole picture looks a bit more bullish, but I don't feel like I should make a bet on it. Sometimes it is wise just to stay away and have no position.
- 7th week with sideaway move. Consolidation.
- The major trend of course is still up, despite the long existing MACD negative divergence
Daily:
- Swings and swings. Hard times for trend followers. Actually Price is trying to cross back above Kumo and Kijun Sen, after Kumo retest was done, however it should move quite some and quite quickly to change Ichimoku picture decisive bullish again.
- Heikin Ashi candle is green today, let's see how high bulls can push it (if they can).
4H:
- Price and Chikou Span both above Kumo, but Price still needs to break above 2085 range top to be able to keep bullish bias.
- Heikin Ashi setup shows some undecision.
Honestly, I do not have any idea which way to trade this market. It's not clear if the bullish atempt will fade at range top again, or by the end of the day it breaks above 2085. For choice the whole picture looks a bit more bullish, but I don't feel like I should make a bet on it. Sometimes it is wise just to stay away and have no position.
