Ichimoku Analysis (Daily chart)
Tenken-Sen- 3108
Kijun-Sen- 2999
S&P500 continues to trade lower for 5th consecutive days as demand for safe-haven assets increases. The fear of the second wave of corona in major countries like the U.S and China is putting pressure on the global stock market. The number of new cases in China rose by 49 cases and the number of the death toll in the U.S to 115729. It has formed a temporary top around 3233 and is currently trading around 2971.50.
The near term support stands at 2937 (100- day MA), any break below will drag down till 2907/2830 (38.2% fib). The major sell-off will happen only if it breaks 2760.
The immediate resistance is around 3020, any indicative break above targets 3100/3122.
It is good to sell on rallies around 3025-30 with SL around 3100 for the TP of 2835.
