Saturday, July 11, 2015

$SPY looks like a pullback in an uptrend, but caution is advised

Weekly Chart
  • Sentiment: Bullish
  • Kijun Sen is acting like support which is around $204
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Daily Chart
  • Sentiment: Bearish since price is below Kumo. 
  • Current Kumo is bullish while future Kumo is bearish
  • Price seems to be finding support in the $204-$205 range
  • A breakout above the cloud will confirm that the pullback has reversed
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Hourly Chart
  • Kumo breakout looming which is bullish
  • Future Kumo has turned bullish
  • A breakout above the cloud should carry over to daily chart to complete the reversal of the pullback
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