The long term trend based on a 45 bar moving average is up, but the short term trend based on a 9 bar moving average is down. The current bar has penetrated the parabolic SAR generating a bearish signal. Currently the ADX is falling. The falling ADX indicates that the current trend is weakening and may possibly reverse. A good possibility of a choppy market ahead. OBV: A minor bullish divergence which is evidenced by a 5 bar new high indicates a rally is possible.
The SP is currently hovering at the bottom of the channel and going by the formation over the last few days, a reversal in the short term trend is likely. But should there be a breach of support, the SP may fall to the next level of equilibrium, the high fives. It wouldn't hurt to have a stop in place for piece of mind..
