Yesterday closed the month of June and the S&P500 (futures) ES1! Monthly chart indicate a possible bullish longer term backdrop. Here is why:
After a volatile June (with long tails on both ends of the candlestick), June closed just below the bearish trailstop line after bouncing off the monthly 55EMA a few months ago. Via candlestick analysis, one would have expected June to close higher than it did, but nonetheless, just short of turning the trailstop trend bullish. Technically, the MACD just crossed up and this indicates underlying bullishness.
July and perhaps August would be critical months to establish the longer term bull trend or effect a (sudden) breakout failure and reversal.
Not exactly committed nor decisive technically, and clouded by macroeconomic background.
What is your take?
Do share and we can discuss more...
After a volatile June (with long tails on both ends of the candlestick), June closed just below the bearish trailstop line after bouncing off the monthly 55EMA a few months ago. Via candlestick analysis, one would have expected June to close higher than it did, but nonetheless, just short of turning the trailstop trend bullish. Technically, the MACD just crossed up and this indicates underlying bullishness.
July and perhaps August would be critical months to establish the longer term bull trend or effect a (sudden) breakout failure and reversal.
Not exactly committed nor decisive technically, and clouded by macroeconomic background.
What is your take?
Do share and we can discuss more...
