S&P500 ($SPX) has retraced over the last few days and is currently supported by the following:
- Chikou Span support at around 1332.64
- Kijun sen (trendline) support which is very close to the Chikou Span support
- The leading kumo together with the Tenkan sen and Kijun sen are also flat.
The Ichimoku Chart, in my opinion, is giving a warning about possible pullback.
A break below the trendline will see it retrace towards the kumo support at around 1309 area.
Trade with care. And do not fight the chart or ‘tape’.