We are looking very bearish on the daily chart now.
The Tenkan Sen & Kijun Sen are now both pointing down signalling downward momentum in the SP.
We are trading well under the Kumo which means the overall market is bearish. The Senkou Span A & B (the Kumo lines) have crossed which also means the SP has entered a bear market on the daily chart only! The Kumo is thin so it's very easy for the SP to break above that resistance to return to a bullish market again.
On the weekly & monthly chart the market is still trading above the Kumo so the overall market is bullish in the longer timeframes.
Looks like we may have found support again around this $3.35 area which is great! We have to hold at this area tomorrow otherwise it's a long fall down to the Kijun Sen on the weekly chart which is at $3.12 mark.
Resistance tomorrow should be the bottom of the Kumo around the $3.56
Just in for a rough few days while the "scared money" flee & the market finds equilibrium. Lots of up & down days which may confirm we have entered a consolidation period on the weekly chart.
IMO
Chart, page-5815
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