We are observing the convergence of short term and long term sentiment in the market.
The 12h 20 EMA (short term support/measure of sentiment) is rising to meet the bull market support band (20w SMA and 21w EMA - long term measure of sentiment) could lead to a squeeze to the upside if bulls remain on-track.
Powell's comments yesterday regarding March tapering are likely priced in, in my opinion. All eyes on Russia and Ukraine. If they don't escalate then we might see the strength for this squeeze to play out.
Short term bulls need to defend the 12h 20 EMA as support and drain supply from the 20/ 21w MA band overhead. I think a lot of algo traders map off of it as a short to mid range measure of sentiment. So if we lose it, then we will likely revisit the upper
39K range minimum.
If we flip the 20/ 21w MA band to support, welcome back to the bull market range.
The 12h 20 EMA (short term support/measure of sentiment) is rising to meet the bull market support band (20w SMA and 21w EMA - long term measure of sentiment) could lead to a squeeze to the upside if bulls remain on-track.
Powell's comments yesterday regarding March tapering are likely priced in, in my opinion. All eyes on Russia and Ukraine. If they don't escalate then we might see the strength for this squeeze to play out.
Short term bulls need to defend the 12h 20 EMA as support and drain supply from the 20/ 21w MA band overhead. I think a lot of algo traders map off of it as a short to mid range measure of sentiment. So if we lose it, then we will likely revisit the upper
39K range minimum.If we flip the 20/ 21w MA band to support, welcome back to the bull market range.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.