The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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SPX is trading around 4,148. Short-term trend remains bearish as price is still below the Kumo (cloud) in the Daily chart. In previous posts we warned bulls that the Ichimoku cloud indicator suggested that price would continue lower to new lower lows. The index remains well below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The Chikou span (black line indicator) remains below the candlestick pattern (bearish). Technically SPX continues making lower lows and lower highs confirming that we remain in a bearish short-term trend since the July highs. The only positive sign for bulls is the bullish RSI divergence. However this is only an indication and not a reversal signal.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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