4 Hrs: Kumo and Kijun retest was down yesterday. European session brought some selling again in stocks "with no news"... or maybe someone finally realised the fall in Chinese Export number. Who cares, price action seems to be weak, Slow Stoch turning down too.
Small short might be good for a 1840 tgt at least (with stop above 1877). Then we'll see if the range holds or not.
Please check the left panel for the critical area call! The question is wether the market can hold until May and make the first ellipse come higher to overlap the second one, or the whole house of cards collapses sooner. There is clearly no trend now, daily ADX is super low. Actual key level is 1815 now, but market has been moving sideaway and so far seems nothing can really push it higher, and or lower. About the internal rotation and broad US equity mkt structure I have written before, you can check those in my previous equity index posts.
So my general bias remains bearish. Of course no one should exclude the chance that SP500 somehow starts to rally and goes well above 1900. But for now I don't see this chance as high enough.
Small short might be good for a 1840 tgt at least (with stop above 1877). Then we'll see if the range holds or not.
Please check the left panel for the critical area call! The question is wether the market can hold until May and make the first ellipse come higher to overlap the second one, or the whole house of cards collapses sooner. There is clearly no trend now, daily ADX is super low. Actual key level is 1815 now, but market has been moving sideaway and so far seems nothing can really push it higher, and or lower. About the internal rotation and broad US equity mkt structure I have written before, you can check those in my previous equity index posts.
So my general bias remains bearish. Of course no one should exclude the chance that SP500 somehow starts to rally and goes well above 1900. But for now I don't see this chance as high enough.
