SP500 - Chance for a local top, Bulls need some rest
Daily:
- Ichimoku setup is bullish, but the Price action and the turnover seen in last two days suggest a local top may be around
- Watch today's HA candle, If it will be a doji, or changes colour, then with haDelta already decreasing, it will suggest a consolidation or pull back for the next few trading days
- Bullish supports are: 2070 / 2055 / 2037 (thin Kumo)
4H:
- price is above the Kumo, and the Kumo is thick. No real problem until Price holds above 2065-2070. However Chikou Span losing its open space, may hit Price candles soon.
- DMI/ADX shows bullish momentum is dropping, close to a bearish cross
- HA candles show hesitation, the Oscillator is red, but more importantly haDelta crosses back below SMA3, and the cross happens below zero line.
I think short term SP500 has chance to retest the 4H Kumo (to between 2065-2080) This can be played with a reasonable stop (above 2105) and with 0,5 unit trade size, but the really good swing short setup would come only below 2060-2070.
For those who are long in the index, some profit taking is recommended.
- Ichimoku setup is bullish, but the Price action and the turnover seen in last two days suggest a local top may be around
- Watch today's HA candle, If it will be a doji, or changes colour, then with haDelta already decreasing, it will suggest a consolidation or pull back for the next few trading days
- Bullish supports are: 2070 / 2055 / 2037 (thin Kumo)
4H:
- price is above the Kumo, and the Kumo is thick. No real problem until Price holds above 2065-2070. However Chikou Span losing its open space, may hit Price candles soon.
- DMI/ADX shows bullish momentum is dropping, close to a bearish cross
- HA candles show hesitation, the Oscillator is red, but more importantly haDelta crosses back below SMA3, and the cross happens below zero line.
I think short term SP500 has chance to retest the 4H Kumo (to between 2065-2080) This can be played with a reasonable stop (above 2105) and with 0,5 unit trade size, but the really good swing short setup would come only below 2060-2070.
For those who are long in the index, some profit taking is recommended.
