$SPX is trading right on the kumo support at 1816.75
If it pierce through this level, it will be bearish confirmation on the Ichimoku chart.
Letter ‘h’ forming. Bearish
On the 5 minute Ichimoku chart, we can see that the letter ‘h’ has already form suggesting that a bearish move is under way for intraday.
TiVo ($TIVO), make its mark when they launched the first digital recorder more than a decade ago. They had ride the trend when demand for their box surge and at the same time cost of components fell.
With the success of Netflix, and upcoming challengers varying from Apple, Amazon and Google, it seems that the uptrend for TiVo has about to end.
The first Ichimoku chart shows that the price has pierce through the kumo support and is in bearish territories.
The second Ichimoku chart, which spans a 5 year period, shows the price level right at kumo support at around $11.99.
However, the kumo support is thin there and price can easily drop below that level.
