Dangerous times?

2019년 9월 30일

Daily:

- Ichimoku setup is bullish, but
- momentum has been very week -> see EWO drifting lower and haOscillator beaing weak much below its mid line.
- All together it is a price consolidation, indecision.
- Is it making a double top? Possible, but not sure, as the too peaks are quite close to each other in time (see also on weekly). Time and neckline break should prove it, until then this pattern is just a "what if".
- Key supports: 2948 and more importantly 2900-2915 zone where we have Kijun, the bullish trendline, and Senkou B (52 days avg). A break below these levels would turn market bearish biased, but a real selloff would take place only with a confirmed bearish cloud breakout: a lower low below 2840.

Weekly:

- Weakness represented by Heikin-Ashi signals and decreasing EWO. Looks like a local top.
- The possible bearish wedge is tightening.


Is their any imminent danger for SP500? Technically speaking not much, besides the signals of some momentum weakness . If someone has a bearish bias, a longer maturity (e.g. March/2020) Put spread is the position one should take instead of being outright short.