S&P500 (SPX) Review : Chart as of 19 August 2009

SPX had a correction 3 days back and since then it has a counter rally for the past 2 days.

Yesterday rally has seen it clawed back to 995.

What I will be looking for is for any possible reversal before  1015 and/or if SPX cleared 995 convincingly.

On the Daily Chart, we can see that the leading kumo is providng support at 980. For now, I still do not have the sginal to short SPX yet as Tenkan sen has not cut Kijun sen.


On the Weekly Chart, the price action is taking place inside the kumo; a suggestion that it is trendless now. Perhaps an indication that it has run ahead of some economic fundamentals .

I believe in another 2 weeks, the trend will be clearer.  However, should it break 980, I will be look at levels between 980 and 950 (where the support is stronger)


By iam802

Trend trading with Ichimoku