To be honest, for me STOXX50 is one of the most difficult chart to trade based on my technical approach and model. It has too many swings sometimes, wild rallies and wilder retracements in all direction.
So for now I am just asking, are these signals I see showing us weakness inside market?
Weekly:
- weekly Heikin-Ashi candle shows indecision: small red body with both upper and lower wicks.
- haDelta has been ticking lower for few weeks below SMA3 -> problem with "bullish" momentum
- EWO is still below zero, and it also seems turning down again!
- Major trend is still bearish, with Ichimoku setup being neutral: Price above Kijun, but below Kumo, Tenkan is below Kijun, both avg lines are flat.
- MACD histogram fails to move higher. MACD and signal line still below zero.
Daily:
- Ichimoku setup is still bullish here, but for some reason market just can not get to new highs so easily
- Heikin-Ashi signal seemed to be bullish for few days, but haDelta/SMA3 has some warning. It shows some weakness. Also haOscillator is still below zero.
- EWO is green, but it alo failed to gain momentum so far
- This market likes building Head and Shoulders pattern. Is it just building a minor one now? By break of neckline zone 2925-2950 the validated pattern would point to 2800 measured tgt.
3100 is a sztrong resistance. Real bull market only above that level.
So for now I am just asking, are these signals I see showing us weakness inside market?
Weekly:
- weekly Heikin-Ashi candle shows indecision: small red body with both upper and lower wicks.
- haDelta has been ticking lower for few weeks below SMA3 -> problem with "bullish" momentum
- EWO is still below zero, and it also seems turning down again!
- Major trend is still bearish, with Ichimoku setup being neutral: Price above Kijun, but below Kumo, Tenkan is below Kijun, both avg lines are flat.
- MACD histogram fails to move higher. MACD and signal line still below zero.
Daily:
- Ichimoku setup is still bullish here, but for some reason market just can not get to new highs so easily
- Heikin-Ashi signal seemed to be bullish for few days, but haDelta/SMA3 has some warning. It shows some weakness. Also haOscillator is still below zero.
- EWO is green, but it alo failed to gain momentum so far
- This market likes building Head and Shoulders pattern. Is it just building a minor one now? By break of neckline zone 2925-2950 the validated pattern would point to 2800 measured tgt.
3100 is a sztrong resistance. Real bull market only above that level.
