S&P 500 (SPX) : Higher High, Higher Low, Watch the Volume

SPX has a higher high, higher low closing on the Daily Chart.

Normally, this would have been a good indication that things may go up.

However, the volume remains low for the day. The lack of volume for such a huge gain on the Daily Chart indicates lack of commitment and a further suggestion that lots of the price level is simply push up by the machines.

On the Weekly Chart, I have to admit that the kumo is providing good support and have even suggest that a reversal is in the making.

While I am bearish on the ‘World News’, this does not mean that the market cannot go up. In times of such volatility, my trading timeframe gets shorter and shorter.

As a reminder :

Never takes a big loss. If it doesn’t feel right, REMOVE IT!

By iam802

Trend trading with Ichimoku