S&P500 consolidating ahead of Fed monetary policy
Bullish continuation only above 4013.30 (high made on Jun 22nd, 2020).
Ichimoku Analysis (Hourly chart)
Tenken-Sen- 3866.93
Kijun-Sen- 3825.54
S&P500 trades flat after a pullback of more than 250 points from the minor bottom of 3720. The index was the worst performer this year and lost more than 20% from its high of 4811. It has formed a temporary bottom around 3632 and currently trading around 3957.
From here, any violation below 3920 (200-H EMA) will drag down to 3818/3720/3637. The major sell-off will happen if it breaks 3600.
A minor pullback till 4190 is possible only if it surges past the 4015 level.
Indicator (hourly chart)
CCI– Bearish
Directional movement index- Neutral
It is good to buy on sips around 3885-90 with SL around 3800 for the TP of 4200.
