First lets check the daily graph below:
Sp future is around 1221 at the moment. There is a strong resistance around 1233. 200 day Ma is aroudn 1274, thats the level I am looking for. The indicators overall show strength for the short term. So i still dont like 1230s as a level to short.To get long, there has to be a decent pullback to 1170-1180s where 20 day and 50 day MAs are. 50 day Ma is turning upwards, which is another pro for short term up bias.
The Weekly graph below shows that the market is trading around 20 week MA which is around 1226, the next level is 1250s and 1266 , 50 week MA. You can see that 50 week MA is flat, which means mid term up trend(2-3 year) is at least in a pause and 20 week Crossed below 50 week MA. Bollinger lines are flat, indicating a range for now.If you look at the Macd(the indicator below the volume),histograms are back to neutral, and turn positive in case we dont see a sell off next week.Stoch is on the oversold levels as well.
Finally below is the monthly chart. The MACD in the lower side of the chart shows a possible break down , possible enterance to a bear market whereas the candle made during the price action of past month shows a reversal. Which one is true?Time will tell.
As you see, a lot of conflicting signs, mid term range vs short term up vs very long term bear market?
Basically, this month trades I might be looking for are try long on 50 day MA for sp, short around 200 day MA, might buy more Gold if it goes back to 1530-1550, of course all depending on the market action at the time .I dont follow eur/chf that much becuase of the snb intervention to the markets.