Let's have an update on the 4 risk drivers.
SPX - close to resistance area, possible local top soon:
- Ichimoku setup turned bullish. Price is above Kumo, Tenkan and Kijun.
- Price is reaching an important resistance zone ard 2040-2050, which was the previous horizontal level of the major breakdown. This is also a top of the recent bullish trend channel.
- Heikin Ashi is bullish but with decreasing momentum! A local top will likely be hit within few days! Watch out for negative divergence in haDelta!
EURUSD - Look for a bullish signal at support:
- Ichimoku setup is still bullish: Price is above Kumo and Kijun Sen. Price has just retested Kijun Sen as first support at 1,1305. Next and probably stronger support is at 1,1250 +/-, where we have the Kumo and previous horizontal supp/res.
- Heikin Ashi signalled the pull back in time few days ago. Watch for candles today and tomorrow, as close to supports the correction may be over, and we can get a bullish signal if ECB doesn't deliver something uber dovish tomorrow.
WTI - Back to neutral, no trend in progress, range is getting tighter:
- Ichimoku setup is back to absolutely neutral. Mixed picture: Price is in Kumo and below Kijun, but Tenkan is still above Kijun. All average lines are flat, they don't point up or down. This market is clearly trading in a tightenning range, not trending right now.
- Lower supp/res area 44,50 - 45,00, upper supp/res is 44,70 - 48,25. A break out of this horizontal range will decide.
- Heikin Ashi started to show consolidation after the sharp pull back. haDelta/SMA3 stuck ard zero line. It is possible that we will see a lot of annoying noise even through the glasses of Heikin Ashi, similar to what we experienced between 18/Sept - 2/Oct.
GOLD - Correction within bullish trend, hold or increase longs:
- Ichimoku setup is absolutely bullish, but as Price got very quickly far above Kijun Sen, a correction was inevitable. Corrections are normal and no problem with them, until Price doesn't make a lower low.
- 1155-1160 should be a strong support level, but not sure if Price retests it exactly, maybe correction will end higher
- Heikin Ashi shows a mild correction is hapening: candles are small, so no relevant offloading and heavy selling in Gold. Watch haDelta/SMA3, as it has reached zero line and seems to be turning bullish again. Next buying wave can send Gold to 1215.
SPX - close to resistance area, possible local top soon:
- Ichimoku setup turned bullish. Price is above Kumo, Tenkan and Kijun.
- Price is reaching an important resistance zone ard 2040-2050, which was the previous horizontal level of the major breakdown. This is also a top of the recent bullish trend channel.
- Heikin Ashi is bullish but with decreasing momentum! A local top will likely be hit within few days! Watch out for negative divergence in haDelta!
EURUSD - Look for a bullish signal at support:
- Ichimoku setup is still bullish: Price is above Kumo and Kijun Sen. Price has just retested Kijun Sen as first support at 1,1305. Next and probably stronger support is at 1,1250 +/-, where we have the Kumo and previous horizontal supp/res.
- Heikin Ashi signalled the pull back in time few days ago. Watch for candles today and tomorrow, as close to supports the correction may be over, and we can get a bullish signal if ECB doesn't deliver something uber dovish tomorrow.
WTI - Back to neutral, no trend in progress, range is getting tighter:
- Ichimoku setup is back to absolutely neutral. Mixed picture: Price is in Kumo and below Kijun, but Tenkan is still above Kijun. All average lines are flat, they don't point up or down. This market is clearly trading in a tightenning range, not trending right now.
- Lower supp/res area 44,50 - 45,00, upper supp/res is 44,70 - 48,25. A break out of this horizontal range will decide.
- Heikin Ashi started to show consolidation after the sharp pull back. haDelta/SMA3 stuck ard zero line. It is possible that we will see a lot of annoying noise even through the glasses of Heikin Ashi, similar to what we experienced between 18/Sept - 2/Oct.
GOLD - Correction within bullish trend, hold or increase longs:
- Ichimoku setup is absolutely bullish, but as Price got very quickly far above Kijun Sen, a correction was inevitable. Corrections are normal and no problem with them, until Price doesn't make a lower low.
- 1155-1160 should be a strong support level, but not sure if Price retests it exactly, maybe correction will end higher
- Heikin Ashi shows a mild correction is hapening: candles are small, so no relevant offloading and heavy selling in Gold. Watch haDelta/SMA3, as it has reached zero line and seems to be turning bullish again. Next buying wave can send Gold to 1215.
