Chart pattern- Head and shoulder pattern
Ichimoku Analysis (4-Hour chart)
Tenken-Sen- 2866
Kijun-Sen- 2800
S&P500 is trading lower after a minor pullback till the 2953 level. The major trend remains on the downside as long as resistance 2972 holds. The index has formed a temporary top around 2972 and any trend continuation only above that level. It is currently trading around 2820.
On the flip side, immediate support is around 2800 and any break below will drag down till 2772 (200-4H MA) 2723 (Apr 23rd low)/2669 (38.2% fib).
The near-term resistance is at 2840, any indicative break above targets 2866/2900.
It is good to sell on rallies around 2850-55 with SL around 2900 for the TP of 2725.
