S&P500 bullish with limited and “sus” upside
The weekly S&P500 futures ES1! chart at first sight and impression is bullish. Candlesticks pattern for the last three weeks collectively show a rebound momentum that ended the week at the top of the momentum, expecting to continue. The historical high appears to be challenged soon.
Albeit the MACD is crossed down, the continued momentum may trigger more bullishness beyond its previous high, turning the MACD positive.
Looking over to the Non-commercial and Top 8 Traders net positions, a slightly conflicting outlook prevails... the Top 8 traders net positions have a knack for indicating a downtrend, or at least the start of one, compare the time lines as far back as Oct 2018. And this happens with Non-commercial net positions rising bucking the trend, and being a laggard. Currently, there is a relatively larger net short in the Top 8 traders and this is “very sus” of the current rally... meaning, it could be a while before it breaks a higher high, or more probably form a double top.
Cautiously bullish.
Albeit the MACD is crossed down, the continued momentum may trigger more bullishness beyond its previous high, turning the MACD positive.
Looking over to the Non-commercial and Top 8 Traders net positions, a slightly conflicting outlook prevails... the Top 8 traders net positions have a knack for indicating a downtrend, or at least the start of one, compare the time lines as far back as Oct 2018. And this happens with Non-commercial net positions rising bucking the trend, and being a laggard. Currently, there is a relatively larger net short in the Top 8 traders and this is “very sus” of the current rally... meaning, it could be a while before it breaks a higher high, or more probably form a double top.
Cautiously bullish.
