Category: S&P500

2 things to watch on the S&P 500 chart.

With the rally started on March 20, the market is seeing resistance

1. The Tenkan sen and Kijun sen has cross as of 23 June; a potential reversal of this short-lived rally
2. A letter ‘h’ is forming suggesting imminent sell-down if the support at 3016 does not hold.

/ES reached a high of 2007.6 and today saw its first selloff.

Ichimoku kumo support is around 1953. However, there is a need to be wary of the larger head and shoulder formation.

This selloff could see /ES reaching 1800.