Surprise! S&P500 still defies gravity
Candlestick pattern wise, it looks pretty bullish.
Breaking upwards for the week with a small marubozu.
So bullish until further notice, and I would still be wary.
Here is why...
1. Relative Price Monentum (RPM) is crossing downwards (although MACD is crossing up!)
2. Top 8 and Non-commercials Net positions are more bearish than week ago. Almost as if this current bull run is retail driven.
Let's see... bullish, cautiously and until confirmation seen for bear case.
Breaking upwards for the week with a small marubozu.
So bullish until further notice, and I would still be wary.
Here is why...
1. Relative Price Monentum (RPM) is crossing downwards (although MACD is crossing up!)
2. Top 8 and Non-commercials Net positions are more bearish than week ago. Almost as if this current bull run is retail driven.
Let's see... bullish, cautiously and until confirmation seen for bear case.
