The Ichimoku set of moving-averages & clouds works especially well on the longer time-frame charts (as compared to working well on the shorter time-frame charts)...;
Currently, a warning signal from the Ichimoku system suggest that this S&P 500 pattern is about to take a turn (downwards)...;
Basically, the bright-green MA has started to cross below the bright-red MA (as you can see)...; this suggest a change in the trend...; so currently this MA crossover is signalling a bearish move downwards...
However, there are some very thick resistances just below the current price level (see the thick clouds just below)... The clouds functions as both supports & resistances; & the thicker the clouds, the stronger are the clusters of supports & resistances... As such, the price has a higher probability of bouncing-off from the clouds...; but a strong-price movement will attempt to push through the clouds, & see if it can break-through the clouds or not...; once price breaks-passed the clouds; then it will become a strong-signal for a new-changed in trend/direction...
For now, anticipate a price pullback (& retest of the clouds supports)...
Best regards.
Currently, a warning signal from the Ichimoku system suggest that this S&P 500 pattern is about to take a turn (downwards)...;
Basically, the bright-green MA has started to cross below the bright-red MA (as you can see)...; this suggest a change in the trend...; so currently this MA crossover is signalling a bearish move downwards...
However, there are some very thick resistances just below the current price level (see the thick clouds just below)... The clouds functions as both supports & resistances; & the thicker the clouds, the stronger are the clusters of supports & resistances... As such, the price has a higher probability of bouncing-off from the clouds...; but a strong-price movement will attempt to push through the clouds, & see if it can break-through the clouds or not...; once price breaks-passed the clouds; then it will become a strong-signal for a new-changed in trend/direction...
For now, anticipate a price pullback (& retest of the clouds supports)...
Best regards.
