S&P 500 ($SPX) : Watch the support!

 

S&P500 ($SPX) has retraced over the last few days and is currently supported by the following:

  1. Chikou Span support at around 1332.64
  2. Kijun sen (trendline) support which is very close to the Chikou Span support
  3. 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.

Note:

Trade with care. And do not fight the chart or ‘tape’.

By iam802

Trend trading with Ichimoku