While a correction might be on the cards for S&P500, we still have a room for appreciation to and above 1200 levels. Weekly suggests that the real rejection may come anywhere inside the zone between 1218 and 1238 points. The Correction on Daily may find a decent support at the Flat turning Kijun Sen line at 1124 area.
This also comes in agreement with the fact that USD Index is still stuck inside the Kumo Cloud on Weekly and that is the main cause for all those Choppy days we have had since more than 2 weeks now. Once the USD Index has cleared its way above the Kumo Cloud we will have a better chance to analyze SP500 once again and determine its Support Zones …
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[...] 1250 as suggested has played its role as expected, S&P500 had a lot of trouble in that zone and the correction was unavoidable … the next important levels to watch out for are 1125 and 1156. If the Index is not able to hold on to 1125 and not able to break 1156 on the upside then 1000 will be the next Support Zone … [...]
[...] As identified in earlier posts, the 1250 Resistance is still alive and now the Index is quite close to its Mean Point at 1000 [...]