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Ichimoku Analysis (1-Hour)
- Tenken-Sen- 3074
- Kijun-Sen- 3003
S&P500 has shown a massive recovery after a sell-off of more than 15% from an all-time high of 3397. The decline was mainly due to an outbreak of coronavirus. The virus has spread to all major countries especially South Korea and Iran more affected next to China.
The US fed cuts rates by 50 bps in the first emergency move since the financial crisis.
Technically, immediate resistance is at 3125 (200- H EMA) and any violation above targets 3158/3200.
On the flip side, near-term support is around 3050 and an indicative break below will take the pair down till 3030/3000.
It is good to buy on dips around 3075-80 with SL around 3050 for the TP of 3180.
