Kumowizard

Problem with momentum. I don't believe in "sector rotation"

Short
FX:SPX500   Indice S&P 500
11
While the daily chart is still bullish, I see lot of signals for a possible local top.

Daily:
- Bullish Ichimoku, but
- weakness in Heikin-Ashi: signal of a top, loss of momentum
- Possible bearish wedge
- MACD signals start of consolidation

4H:
- Trouble in the depth. Certainly Tech sector ($NQ) was hit the most on Fiday, but I doubt the "sector rotation" reason will be enough to keep SPX at its highs for now. Something is getting broken in markets, at least short term. It is just simply not the good time to buy or to hold longs any more. Take cover!
- Price is below Kijun Sen and enterred Kumo cloud.
- Heikin-Ashi shows some indecision, maybe first price action in the Cloud today will be a spike attempt to 2435+ (at/above Kijun), however if that fails, or in case it breaks down without even spiking a bit, then it will target the 2385 short term daily support.
- EWO is already in bearish zone.

I will be looking for Heikin-Ashi sell signals in case of spikes, to open some swing short position.

Idées en relation

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