From April 29 TH to May 20 TH market is showing lower highs and lower lows in tight range.But when you look at from March 16 TH low to May 20 TH market is doing Higher Highs and Higher Lows
Short Term : Bearish.
Long Term : Bullish ( Until market break down 1318)
Pattern : Hourly chart showing Reverse H&S pattern (Bullish) as well.!!
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When we look at this in Bollinger band perspective , price is near lower BB and historically when price reach lower BB expect a rally
Market seems bullish
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VIX : VIX is in tight range of 19 -14. Now it is in 17.
Market seems 2:3 range with Bearish : Bullish
More Bullish than bearish
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Weekly NYSI : NYSI is showing higher lows and higher highs in tight range. There are more room in bullish side
NYSI : Bullish
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NYMO Daily : forming a triangle pattern, need to break either way to see some decision
Neutral
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CPCE : More Put buying activity in the market than Calls, means professionals are selling this puts to retailers !!!
Pros will not let win retailers
Means : market will go bullish
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In essence, I see more bullish action than bearish and I am thinking by early June Spider can see 1400 !!!. If that happen, careful, a big sell off can expect in second week of June .
A moderately big sell off is expecting in June 13 TH time in all market turn predictions...