Outlook for SPX:
Earlier, the leading US index had stopped at 4,817.13 but had failed to hit the psychologically important level of 5,000. Eventually, the downtrend emerged. Last week, the SPX settled in the weekly Ichimoku cloud, and its lower limit (3,891.60) became an important barrier. Monthly support stands at the 3,813.34 level. These two marks will be the key targets in case of a downward move. If bulls try to push the price up, resistance is seen at the wide range of 4,496.52 – 4,378.70 – 4,427.82 – 4,462.41 – 4,546.13, marked by the previous weekly and daily levels. This resistance zone includes many strong levels of different time frames. Therefore, the instrument is unlikely to quickly recover under the current circumstances.
***
Indicators used for technical analysis:
Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels