S&P 500 (SPX) : Critical Kumo Support

SPX is trading right at the kumo support level at 1112.

If it breaks this level, the next level is around 1054.

Unlike the RUT, the leading kumo has already twisted and confirmed that the trend has changed. This is probably also due to the earlier confirmation of Tenkan sen – Kijun sen bearish cross from SPX vs RUT.

At this level, SPX will need to go beyond 1150 to provide confirmation that it has breakout of the kumo and that an uptrend is confirmed.

Looking at the events that we have, eg. Dubai World default, PIIGS, US fiat money, SSE has been dropping for some time, it is unlikely that it will be bullish for the short term.

By iam802

Trend trading with Ichimoku