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SPX is trading around 4,360. In our last SPX analysis when the index was just above 4,100, we noted the bullish divergence in the RSI that was warning bears that the downtrend was weakening. Today after almost a week we see SPX challenging the Kumo (cloud) resistance. In Ichimoku cloud terms, trend remains bearish because price is still below the daily Kumo (cloud). Price is trading above the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The Chikou span (black line indicator) is above the candlestick pattern (bullish). There are several bullish signs in the chart but the most important sign for bulls will be the break out above the cloud. Traders need to be very cautious as a rejection at current levels could bring the index back towards the kijun-sen support at 4,250.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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