Categories
S&P500

S&P500 ($SPX): Market correction. Watch for it.

S&P 500 fell more than 1% yesterday before it manage to recover to a 0.7% loss.

Despite ADP reporting that there’s 179,000 jobs increased in April, it seems that the market has its own reservation of future growth.

On the Ichimoku Daily Chart for $SPX, we can see that yesterday closing has dipped below the Tenkan sen. Next support is near the Kijun sen at around 1332.

At this moment, there is no confirmation of a bearish move. However, the kumo support right below is thin. A drop below it will give confirmation of a bearish move.