You are here: Home > articles > Forex > Weekly analysis on SPX using the Ichimoku cloud indicator for October 21st, 2023.
Weekly analysis on SPX using the Ichimoku cloud indicator for October 21st, 2023.
October 21, 2023 9:23 amVideo
Latest News
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
- Hot forecast for EUR//USD on April 26, 2024 April 26, 2024
- Technical Analysis – GBPJPY close to a new 9-year high April 26, 2024
- Technical Analysis – USDCAD retreats beneath 20-day SMA April 26, 2024
- Key events on April 26: fundamental analysis for beginners April 26, 2024
- Trading plan for GBP/USD on April 26. Simple tips for beginners April 26, 2024
- Trading plan for EUR/USD on April 26. Simple tips for beginners April 26, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 26 2024. April 26, 2024
- Technical Analysis of Intraday Price Movement of Cardano Cryptocurrency, Friday April 26 2024. April 26, 2024
In a previous analysis we used the Ichimoku cloud indicator in the Daily chart to analyse its current market profile. As we mentioned in our analysis, trend was bearish because price was below the Kumo (cloud) and the index was vulnerable to a move lower. The week ended with SPX making new lows as expected. The index closed at new lower lows since June. Today we check the Ichimoku cloud indicator in the weekly chart. The last two weeks bulls tried to push price above the tenkan-sen (red line indicator) but price got rejected. Recent price action confirms the importance of the resistance area of 4,330-,4370 where we also find the kijun-sen (yellow line indicator). The Chikou span (black line indicator) is above the candlestick pattern (bullish) but with a negative slope. Trend on a weekly basis is bullish because price is above the Kumo, but with price breaking below both the tenkan-sen and kijun-sen, we conclude that the index is vulnerable to a move lower towards the weekly Kumo (cloud) support around 4,000-4,050.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: