Last few weeks/moths the Us indexes offered a lot of mixed signals and counts, which divided the EW blogosphere into three groups: bullish, bearish and neutral (including me). I changed my count slightly about S&P, giving a little bullish tune in the whole scenario, at least for the next couple of days or weeks. According to the DIS (Daily Index Sentiment) the US indexes have momentum and volume driven models, that appear to be preparing to switch to Buy signals with proper positive action today or in tomorrow's session. My indicators in 4 hour chart show oversold conditions, giving a clue for rebound as well. But as I've said many times: trading overbought or oversold market only, without stronger confirmation is really looking for trouble.
The chart below shows the count I prefer, and the important short term resistance (1099.86), which once broken will prove my count.
Today's candle lays exactly on a time line, which might mark a low today. The price currently is very close to the support/resistance zone, which once broken, will confirm the bearish case. P.S. According to moon calendar today occurs the full moon cycle, which usually makes bulls crazy and fearless.
Good luck trading!
3 comments:
.. still bullish Milen ?? .. seems to me bulls will get slaughtered hard .. we had a recognition ..
I know this goes against what you are saying, but I think we will see 1070 on SPX at minimum, probably 1100 according to my indicator
Dear Sab, I still don't see any proven recognition of trend change (daily). The price is still in the support zone, and A,B,C only.
Regards.
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