S&P 500 starting new leg higher to 2200 points and beyond
As bearish as I am, my calculations are getting more and more bullish, especially after the "S&P 500" futures rallied to a new all-time high to 2182.9 before spot opens in less than one hour. It looks like resistance becomes supports and bulls won't give up buying until the "S&P 500" is at least at 2200 points. Currently the S&P 500 futures are at 2174.9
Entry. 2175
Stop loss: 2160
Target: 2200
Risk: 15 points
Reward: 25 points
MACD on the monthly almost bullish again (actually it happened already, the MACD lags some months - several monthly bars - behind on the monthly chart):
Entry. 2175
Stop loss: 2160
Target: 2200
Risk: 15 points
Reward: 25 points
MACD on the monthly almost bullish again (actually it happened already, the MACD lags some months - several monthly bars - behind on the monthly chart):
Great, they pulled off the 'momentum kiss of death trap' yet again. Right on the day where the trend would have started to break out higher the S&P 500 ran into heavy distribution and then the index quickly fell lower in a move which I would describe as deep stall.
To show you one piece of what got me so bullish, here is a custom MACD histogram which was right on the verge of flipping back to bull, when bears finally decided to release the kraken:
I only saw this move coming on the weekly, but I ignored that ...