The S&P500 had a strong US session and recovered a lot of recently lost ground. I had been thinking we could be in for a deeper pull back here but this may not be the case.

I had also mentioned that during this period of higher volatility that the shorter time frame charts during the US session might offer safer trading opportunities. The recent US session was a perfect example of this with the 30 min S&P500 chart showing that this index offered an excellent low risk – high reward trading opportunity:

S&P500 30 min chart: a great trading opportunity during the last US session:

S&P500 30 min Cloud chart: this chart supported a long trade during the recent US session:

S&P500 weekly Cloud: the weekly Ichimoku chart shows how the index has bounced up off the support of the weekly Cloud:

S&P500 daily Cloud: however the daily Ichimoku chart shows that the index is still below the daily Cloud. A new close and hold above this daily Cloud would be a bullish signal though. As would any new bullish Tenkan/Kijun cross:

Summary: watch for any new S&P500 close and hold back above the daily Ichimoku Cloud and for any new bullish Tenkan/Kijun daily chart cross. These signals would suggest that the stock pull back may have completed.