S&P 500 (SPX) : Ichimoku Chart Reading as of Oct 27, 2009

The index has been falling for the past few days.

However, up till now, there is still NO CONFIRMATION of a BEARISH move.

On the Daily Chart, we can see that yesterday’s close is sitting on top of the Kijun sen at 1060

Further down, another support is at 1048 (or 1050).

On the Weekly Chart, it provides insight to the greater trend.

We can see that there is a huge kumo support below and the leading kumo is starting to twist; a suggestion that it is not in a STRONG bearish move. If however, SPX does goes below the kumo, then we have a STRONG BEARISH SIGNAL.

2009Oct-S&P 500-800x600

2009Oct-S&P 500-800x600_Weekly

By iam802

Trend trading with Ichimoku