DDF correctly forecast a Bearish Day
Price traded perfectly within the pivots
This is a very small time frame for the SPX but since everyone is trying to pick a bottom I wanted to show this pitchfork of today's declining move.
This is a forecast fork currently Price is being rejected by the handle but should we break out of the top tine the Ichimoku will offer insight to resistance. The Tenkan-sen and Kijun-sen which are both tuning flat will both attract and reject Price. For a short while the Kumo will also offer resistance but later in the day the Kumo weakens
We have touched and bounced off the lower limit
On the hourly charts:
The Ichimoku remains Bearish with resistance from the M60 Tenkan-sen at 1092.
Woodies CCI remains in a strong downward tend.
MoneySpy is Bearish
On the Daily Charts MoneySpy and Woodies CCI remain Bearish, but both are indicating that a short term low may have or will be forming very soon.
Having entered the Daily Kumo we now have support at 1074 and resistance at 1102.
Daily SPXHourly SPX
While this chart presents a Bearish Bias to the day it may be helpful to respect the boundaries of the Andrews Pitchfork and the EW count which appears to place us in a wave two correction.
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.