SPX : Resistance ahead (3 levels to take note of)

I reviewed the chart on the 21 July and highlighted on the possible resistance level.

The good news is the market is still ‘bullish’ though. It has breakthrough 946 and yesterday, it break through the psychological barrier of 1000.

On the Daily Chart, we can see S&P 500 (or SPX) face an immediate resistance at 1003.

2009Aug-S&P 500-800x600

Ever since it break through 946, SPX is considered to be moving into the Weekly kumo.  Technically speaking, on Ichimoku, we consider this as a trendless state. A key level that I will be monitoring will be  1050.

2009Aug-S&P 500-800x600_Weekly

If it breaks through 1050, I will established more positions on the bullish side . Until then, I will continue to hold my existing position and wait for it to exit the kumo on either ends.

By iam802

Trend trading with Ichimoku