SP500 (Y21.P1.E1).Still bullish but volatility to return

Hi Traders,

We have seen a number of indicators coming back to the market which will bring about volatility.
Short term, the USD (DXY) going up.
Medium to long term, I expect the USD to drop more and hence stocks to go back up.

But for now, its a mixture of the US dollar and the uncertainty with many things (US President Biden) that gives this.

Looking at the chart, we have recently passed the 1.618 bear divergence and returning back however the RSI does not give confidence to the uptrend and the Phoeix still shows downward pressure on the daily.
So my guess is a ranging price action between the long upward slope trend and the 3 day fib level \20 ema, as the chart below.



All the best,


S.SAri