Is it time to short the US markets? Ichimoku Chart analysis 4-19-10

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  • Is it time to short the US markets? Ichimoku Chart analysis 4-19-10

Markets drastically moved down Friday.   Everyone is now thinking of shorting the market.  We are not going to let emotions take the best of our trading.  We are going to let the technical analysis determine what we should do in our trading.
See below for the daily chart analysis.   Price is now between Tenkan Sen and Kijun Sen.  Right now, we should not be adding any bullish positions in the stock markets.   However, if you are in a trade, you will not be taking it off unless you instrument stop takes you out.  For the E-mini SP500 futures, major support is at 1173.50.   Therefore, if this market goes down further, we need to see what will happen at this level.

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