S&P Mini-Futures: 5-10-07: Trade not entered

We have been waiting the S&P Mini-Futures to reach our sell target (R1). However, it never reached it and today, the market went down. Even though this pullback was big today, it is still minor compared to the huge run we have had. Seasonals show that this month typically is a bearish month until 5/26 (see below). If this pullback does take place, we will have a “healthy” market to make a bullish run and may make higher highs.
Even though we missed our sell entry value, we are not going to rush into any trade at this time. We are going to wait for the charts to tell us what to do. Right, there is no apparent trade. What is interesting is that the Kijun Sen and the Tenkan Sen should be crossing soon. This will indicate to us that the Bullish trend is over. It does not indicate that the bearish trend begins. If all the other indicators along Kijun/Tenkan cross indicate bearish then a bearish trend is developing and we will look for a bearish entry.
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About the Author Manesh Patel