US500 (SPX, S&P)

Nobody really knows what is going on with the economy, the stock market or anything else if you watch the news!

Looking at this purely based on the charts - the index is struggling to the low side & you will see the candles are small with some decent wicks. it needs to break above or below the white trend to confirm. However, it is currently sitting above the 618 level and above the Ichimoku cloud.

77% of Retail Sentiment is short. we all know that game.
We also still have NET long positions from the COT perspective.



Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s and Forex. Hence each trade setup might have different hold times, entry or exit conditions and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.