Despite the negative day in the SPX, the overall sentiment short-term is still bullish. The signal did push lower but still in OB territory so there is a lot risk to the upside at this point in time. The intra-day charts today is a bit more bearish but still OB. I mentioned that signals would need to push into OS and stay for a prolonged period to give a more sustained move lower. This has not happened, so we look to tomorrow to see if we can get a picture of how the whole week has formed. Being in this state however, I can tell you now that if we do not push lower tomorrow then the likelihood of the SENTIMENTS turning Bullish is very high.
We are on that line now and a push into Bullishness might not necessarily be bullish in that a performance the next week if bearish could flip it back to a bearish camp. This scenario is where we need to call for a more cautious approach. Therefore, the safe side of the trade is always near any OB or OS situation where you get low risk entry and price acceleration probability.
SEN: Beairsh
ST: UP
PA: NA
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