With 2 more weeks towards the year end (and possible window dressing), $SPX is offering a good opportunity for a short term long entry.
From the Ichimoku chart, we can that $SPX is sitting right on top of a fairly thick kumo support at around 1218.
The base of the kumo is flat which suggest that the price has consolidated at this level with a hint from the leading kumo that it is striving to break through and continue the uptrend.
I will look for an entry with a target of 1280 with a 2 weeks to 1 month timeframe.
This is a follow up post fromÂ http://tradingichimoku.com/2011/10/28/spx-kumo-resistance-on-weekly-chart/#more-2711
Previous post shows SPX trading within the Weekly kumo. It has yet to breakout of the kumo; showing that the longer bulls trend is not established yet.
And this is definitely true, given the debt issues in Europe.
On the Ichimoku Daily Chart, we can easily that it is trading above the kumo.
This drop, due to Italy’s debt, will see possible support at around 1220.
On the Ichimoku Weekly Chart, we can see that support lies around 1200 at the base of the kumo. For the trend to hold, SPX must trade above 1200 going towards year end.
If I recall, BlackBerry Torch was launched last week and here we are having news that it is on discount already.
In some ways, it feels like Palm all over again.
The market is strong today… but RIMM is down. Where do you think RIMM will go?
News from CNET.