$SPX. Weekly Chart. Kumo holding

On the Ichimoku Weekly Chart, we have confirmation that the kumo support is intact.

Given the volatility from last week, it is best to establish bullish position with care.

LinkedIn ($LNKD) is holding well and my IronCondor will expire safely this week.

$UA has also rebounded after the selloff from 2 weeks back. It is a good time to look for a countertrend entry.




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!