$SPX Ichimoku bearish-cross March 1,2013
Premarket. $SPX (/ES) is trading at around 1506 level.
On the Ichimoku chart, both the Tenkan sen and Kijun sen have touch each other.
If it close below 1506.63, /ES would have confirmed a bearish cross with a target of 1484.
The Ichimoku chart just has a Tenkan sen – Kijun sen bullish cross with yesterday closing price.
There is not much resistance ahead. Thin kumo showing that the resistance is not strong.
It is likely that we will have a year end bullish run.
Following up on my previous post that an Ascending Triangle is forming.
Yesterday’s price action has give us a confirmation that the price level has bounce off the Tenkan sen which is near the trendline of the triangle.
On top of that, we have a doji formed.
This is a good setup and the next move will be to see if it pierce through the kumo on the Ichimoku chart for a year end rally.
