A close at 3329 in the SPX sits exactly on the SSSA line of the day ichimoku cloud.
A test of the base of the cloud is imminent. The baseline forms support for now. The Teken level on the weekly charts is at 3350, this has been violated giving way to more weakness.
Bottomline: A resumption in the uptrend must see a bounce from Friday's close at 3329 to 3375 for the MT/LT uptrend to resume. A break and hold below the SSSB line on the Day charts may signal a corrective move to 2973, The Supertrend line on the weekly.
A test of the base of the cloud is imminent. The baseline forms support for now. The Teken level on the weekly charts is at 3350, this has been violated giving way to more weakness.
Bottomline: A resumption in the uptrend must see a bounce from Friday's close at 3329 to 3375 for the MT/LT uptrend to resume. A break and hold below the SSSB line on the Day charts may signal a corrective move to 2973, The Supertrend line on the weekly.
Quant Strategic Singapore