Short term update

UPDATE: Pullback is running... I will watch the 1555-1560 area for long entry for 2-3 days with target 1585-1590. If SP500 drops bellow 1550 than short.


UPDATE: It is definitely up:) vertical move on the hourly, RSI at 76,3 on the weekly... without pullback, sorry but I would not chase such moves.


Not sure which scenario is playing out. Two shooting stars on the hourly chart so I expect some move lower. I will watch the 1550-1555 area and according to the action around this levels we will position long or short. The stop has been moved 1 point higher at 1567 just above the shadows of the two candles.
This price action is not a surprise. I wrote in the weekly review that the price is still in the channel and above EMA50, which means that even higher high is possible. I also wrote, that we are in the middle of a topping process. Whatever we see lower or higher high I still think that this is just topping action and not the beginning of a new move higher. If you look at the European indexes or Russel 2000.... they does not look very good and does not support this current move.