We had a front contract switch, but...
... but I think it still looks bearish.
Weekly (back to neutral, with some bearish bias):
- This week's close will be extremely important. Kijun Sen is 131'05. If markets closes below with the new December contract (ZNZ6), then we can expect further drop towards 129+ support.
- MACD already had a bearish cross before the Sept/Dec front contract change.
- EWO is still bullish
- Ichimoku setup itself looks rather neutral now.
Daily:
- Ichimoku setup is bearish.
- We have a lower low even if we consider the U/Z contract change.
- If market gets choppy at NFP number tomorrow, we may see a spike to 131'15+, but as you see, Ichimoku marks 131'24-132'15 as bearish support now.
- All average lines (including future Kumo cloud) point down.
- Heikin-Ashi signal is bearish, haOscillator is well below zero.
- EWO is bearish.
So right now it all looks rather bearish, but obviously on back of a weak NFP number, market would rally back towards 131'15-131'24 in ZNZ6.
My advise is: do not chase it here. Do not short now. Too bad risk/reward. If you have a short from higher levels like I do, keep it and trail your stops according to ou money management rules! If market spikes back to daily bearish support zone (Kumo), then look for next sell signal.
Weekly (back to neutral, with some bearish bias):
- This week's close will be extremely important. Kijun Sen is 131'05. If markets closes below with the new December contract (ZNZ6), then we can expect further drop towards 129+ support.
- MACD already had a bearish cross before the Sept/Dec front contract change.
- EWO is still bullish
- Ichimoku setup itself looks rather neutral now.
Daily:
- Ichimoku setup is bearish.
- We have a lower low even if we consider the U/Z contract change.
- If market gets choppy at NFP number tomorrow, we may see a spike to 131'15+, but as you see, Ichimoku marks 131'24-132'15 as bearish support now.
- All average lines (including future Kumo cloud) point down.
- Heikin-Ashi signal is bearish, haOscillator is well below zero.
- EWO is bearish.
So right now it all looks rather bearish, but obviously on back of a weak NFP number, market would rally back towards 131'15-131'24 in ZNZ6.
My advise is: do not chase it here. Do not short now. Too bad risk/reward. If you have a short from higher levels like I do, keep it and trail your stops according to ou money management rules! If market spikes back to daily bearish support zone (Kumo), then look for next sell signal.
