Thursday

Forecast Review:
DDF correctly forecast a Bearish Day
Price traded perfectly within the pivots






09:00 PST
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



08:20
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

7:30 PST
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.