SPX: Is the trend tapering
The SP&P 500 has risen and breaking new highs over the last few months.
However, there may be signs that the trend is slowing down.
Currently, it is trading a a level close to March's high.
The leading kumo is flattening suggesting that the momentum for gains may be stalling.
Kumo support is also not very thick suggesting that the support level is not strong and any bad news may easily cause S&P500 to fall through the support.
Perhaps, profit taking is underway and further supporting the proverbial Sell In May and Go Away.
Trade with care.
However, there may be signs that the trend is slowing down.
Currently, it is trading a a level close to March's high.
The leading kumo is flattening suggesting that the momentum for gains may be stalling.
Kumo support is also not very thick suggesting that the support level is not strong and any bad news may easily cause S&P500 to fall through the support.
Perhaps, profit taking is underway and further supporting the proverbial Sell In May and Go Away.
Trade with care.
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