$SPX . Doji and bounce off.

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.

$SPX . Ascending triangle forming, kumo breakout


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.

Rackspace Inc (RAX) : Ascending Triangle, Trend intact

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.