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.
From the Ichimoku chart for $SPX, it seems like a Ascending Triangle is forming with possible resitance at 1405.
If it trades within a narrowing range, it is likely it will breakout of the kumo towards the end of December where the kumo resistance is weak.
It seems like RAX is forming an ascending triangle on the chart.
Yesterday’s market did not cause it to drop a lot.
Most importantly, on the Ichimoku chart, the closing price did not cut the Tenkan sen (red line) which will suggest that the trend is intact.