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S&P500

$SPX . Bearish and break 1320!

On the Ichimoku Daily Chart, $SPX has been supported at level 1320.

However, a closer look at the 5 min chart, we can see that 1320 is under heavy pressure and may not hold over the next 2 weeks.

1. It has previously really from the 1320 support level, hit the 1340 support-turn-resistance level

2. Pre-market has already shown that 1320 has been breached.

3. Given that it can’t go beyond 1340 in the previous bounce (despite fairly good US economic data), the pressure is for it to go down further.