SP500 - Bulls try one more push, but will they succeed?
Daily: No signs of weakness in Ichimoku components, so the medium/long term setup is still bullish. But there are some warning signals again: Slow Stoch and MACD crossed bearish. Based on these I have some feeling that by end of this week SP500 may build and confirm an interim local top. To get more confidence about it, let's go down one lower time frame to 4 Hrs.
4 Hrs: Tenkan/Kijun weak bearish cross, Price is below Kijun sen, but as "usual", Kumo provided some support. Price at mom trading in the Kumo, but we can not exclude it breaks above the Cloud top in the early US trading hours. The real question is how the price action goes in these two days. DMI components are wide and can stay bearish for some more time. Bulls need to buy agressively with high volume to try to push it again above 4 Hrs Kijun Sen. But based on the daily time frames momentum indicators, I think they will fail at the end, which means that in next round correction may accelerate and Price will break below the 4 Hrs Kumo.
1 Hr: Weak bullish Tenkan/Kijun cross, but the total picture is still bearish here as well. I don't suggest to trade the 1 Hr time frame signals, as if the higher 4 Hrs chart shows consolidation, meaning the Price after the exhaustion of this push up dips back and starts printing candles in the Kumo, then 1 Hr will become choppy with false signals. The reason we still have to look at it is to check the important overlaps of multi time frame support levels.
As you can see the important 1972-1976 level on the 1 Hr chart overlaps the 4 Hrs Kijun Sen (+some buffer).
Price action around this 1972 level will be very important to watch. It's hard to say if it worths to sell the spike. You can try in small, but the more secure would be to sell the next break below 1965, with a stop above 1974.
If selling pressure accelerates, the correction wave tgt is 1912-1922 range.
p.s.: If SP500 trades above 1980, that invalidates this pending short idea.
4 Hrs: Tenkan/Kijun weak bearish cross, Price is below Kijun sen, but as "usual", Kumo provided some support. Price at mom trading in the Kumo, but we can not exclude it breaks above the Cloud top in the early US trading hours. The real question is how the price action goes in these two days. DMI components are wide and can stay bearish for some more time. Bulls need to buy agressively with high volume to try to push it again above 4 Hrs Kijun Sen. But based on the daily time frames momentum indicators, I think they will fail at the end, which means that in next round correction may accelerate and Price will break below the 4 Hrs Kumo.
1 Hr: Weak bullish Tenkan/Kijun cross, but the total picture is still bearish here as well. I don't suggest to trade the 1 Hr time frame signals, as if the higher 4 Hrs chart shows consolidation, meaning the Price after the exhaustion of this push up dips back and starts printing candles in the Kumo, then 1 Hr will become choppy with false signals. The reason we still have to look at it is to check the important overlaps of multi time frame support levels.
As you can see the important 1972-1976 level on the 1 Hr chart overlaps the 4 Hrs Kijun Sen (+some buffer).
Price action around this 1972 level will be very important to watch. It's hard to say if it worths to sell the spike. You can try in small, but the more secure would be to sell the next break below 1965, with a stop above 1974.
If selling pressure accelerates, the correction wave tgt is 1912-1922 range.
p.s.: If SP500 trades above 1980, that invalidates this pending short idea.
