The Day Short signal issued on 090323 at 3948 targets 3167, the weekly long signal on 010620 that gave the index the all-time highs of 4820 for 2022. 3167 is also an area of support on the monthly ichimoku cloud SSSA line.
The SPX500 is still on a PULLBACK similar to that in 031218 and 020320.
A persistent downtrend would be triggered if 2 conditions are met
The Monthly Supertrend persists to the downside
Price Action breaks and stays below the Monthly Ichimoku Cloud SSSB line (similar to what we observe on the weekly charts)
LONG TERM PULLBACK SINCE 010622
MEDIUM TERM DOWNTREND SINCE 140222
SHORT TERM DOWNTREND SINCE 090323
PIVOT 4097
Short positions below 4097 for 3167 and 2842
Long positions above 4097 for 4243 and 4996
The SPX500 is still on a PULLBACK similar to that in 031218 and 020320.
A persistent downtrend would be triggered if 2 conditions are met
The Monthly Supertrend persists to the downside
Price Action breaks and stays below the Monthly Ichimoku Cloud SSSB line (similar to what we observe on the weekly charts)
LONG TERM PULLBACK SINCE 010622
MEDIUM TERM DOWNTREND SINCE 140222
SHORT TERM DOWNTREND SINCE 090323
PIVOT 4097
Short positions below 4097 for 3167 and 2842
Long positions above 4097 for 4243 and 4996
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