A follow up post to the SPX chart review dated March 8.
Since my last post on March 8, $SPX has since shown a bearish confirmation on the Daily Ichimoku chart.
1. Chikou Span has cut the price level suggesting that support level has fail to hold.
2. Bearish Tenkan sen – Kijun sen cross. The cross takes place above the kumo, which suggest that the strength is not strong.
3. However, if we look towards the leading kumo, we can see that the kumo support is very thin which in turn suggest that support is weak.
4. Next support is around 1270 to 1275 with an estimated timeframe around mid April.