S&P500 still bearish — three hurdles to pass before I trade long
S&P500 (via E-mini futures) is still bearish on the 4H Ichimoku chart. There are three hurdles that it needs to pass before I will look for a long position:
1. Price action resistance at 4455
2. Resistance from the future Senko Span B at 4442
3. Price is still under the cloud
I would look for long positions if it clears these three hurdles and we have a Kumo breakout. I would look for shorts if it goes back below 4360. Until either of these happen I won't trade. It's that simple!
1. Price action resistance at 4455
2. Resistance from the future Senko Span B at 4442
3. Price is still under the cloud
I would look for long positions if it clears these three hurdles and we have a Kumo breakout. I would look for shorts if it goes back below 4360. Until either of these happen I won't trade. It's that simple!
Comment:
Price action is currently confined between the two previously identified resistance levels. Momentum is strong. Expect a breakout in either direction.
Still no trades for me unless the bearish trend resumes, or if the price fulfils all my long criteria.
Comment:
The market still has no clear direction. 5 hours after posting the original resistance zones, price has had false breakouts on either side. Which way will it go? We don't know. We'll trade the trend once it gets underway. For now, we wait.
Comment:
Continuing yesterday's analysis: sp500 futures are attempting a move higher, having found support at Senko Span B from the 4H chart. If the price clears above 4455 the number of bearish confluences drops off. Watch for today's breakout! Price could still go either way.
