S&P: Range Bound, Awaiting Big Move

We observe an interesting scenario in the S&P500 and in fact many indices (minus the NASDAQ) around the world with a bearish cross on the long moving averages coupled with a bullish cross on the short moving averages. MACD is flat after the huge run from the March bottom, suggesting a consolidation for a big move.

We also observe the OBV to be flat suggesting that the recent up move was not substantiated by much volume.

Reiterate slight bearish bias towards world indices, including US, and expect some weakness moving forward and are looking to buy the indices on retracement.

EnsoAM