This past week we had a change in trend from the December 17th bullish CIT. All daily indicators are now bearish, and the Swing Trend Indicator has flashed a cautious sell.
The charts, starting with the ADX which hasn't given a signal since a BUY on June 6th. The only signal this chart shows is the cross of the -DI above the +DI, however that ADX is below 20 which means the market isn't trending strongly.
Stoch RSI 34 went bearish on Friday, December 21st with a trendline break.
Daily RSI went bearish on the 21st with a CIT signal
Daily MACD also broke it's trendline and the Histo has gone negative
We must be cognizant of longer term charts (weekly) which are still bullish. The weekly RSI on the SP-500 sits on trendline support
And the weekly MACD is still fully in the bullish zone
Forgot to mention the Swing Trend Indicator (Daily) - Price has dropped below the 3dsma, but not below the 10dsma which would issue the full sell signal.
I had a short position going into this week. I covered those positions this week and went long. I didn't like the price action off the low so cut that trade and went into the weekend flat. I will be looking to get short next week to play the change in trend. I may get whipsawed a bit getting into this position, but will accept the drawdown and set my stops appropriately.