Earlier today, Evil Speculator posted a Gobi Desert article, highlighting the volume vacuum overhead.
I took a quick peek at SPX relative to the ichimoku cloud. With the run-up from the last few days, we are now touching/crossing the underside of the cloud (1192-ish).
I cant decide if price will break through or be rejected… Note also the 88w moving averages providing significant overhang. Decide for yourself if we see orange or purple:
In any event, I am solidly in the long term bear camp. There is nothing big-picture- anywhere on this planet- that I see supporting a long term bullish scenario. If we do melt-up, I will be eyeing price on the sunny-side of the cloud in preparation for large short positions.