Ichimoku Analysis (Daily chart)
Tenken-Sen- 3115
Kijun-Sen- 2999
S&P500 halted its 3 days of losing streak and gained more than 60 points. The surge in the number of new cases in the U.S and slight negative comments from Fed officials has dragged the global stock market. The index showed a massive sell-off of more than 6% yesterday and hits low of 2997. It has formed a temporary top around 3233 and is currently trading around 3035.1.
The near term support stands at 2990 (trend line support), any closing below daily will drag down till 2957 (55- day EMA)/2940. The major sell-off will happen only if it breaks 2940.
The immediate resistance is around 3100, any indicative break above targets 3143/3200.
It is good to sell on rallies around 3135-40 with SL around 3230 for the TP of 2941.
