The S&P 500 remains in a bullish trend - but beware
Quick comments in this analysis.
- I tend to find just looking at the direction the ema ribbon, or red 20dma is an easy way to tell the underlying trend. Clearly it is still bullish.
- I was wrong in the latest TA on the S&P 500 I posted. I foresaw a drop through that ema ribbon that did not materialize. That next week I closed that short for a loss, as once the price bounced off that ema ribbon which was historically a setup, it was evident shorting a bull market would have made the loss much worse.
- I however did not chase the price as it went up higher, nor am I recommending longing here. I do however think while the price can continue higher, frankly I even am expecting it as the price appears very bullish and the financials XLF continue to rise towards historical resistance - there is not a clear setup for longing with the price this far from the mean and so overextended. If the price were to fall to support within the channel, & tag and confirm support off a pivot point to the right of the chart then I would consider longing.
- If we have a significant drop I will seek to get back into equities. Till then I am stuck spectating, stock picking, and continuing to ride the Bitcoin/Eth bull market up its own wall of worry.