S&P 500 (SPX) : Chart Review as of May 14, 2010

SPX. On the Ichimoku Daily Chart, we can see that the price level have not break the kumo support yet at 1025.

We also expect additional support  from the Chikou Span at 1110

SPX Daily Chart

I think the more interesting action will be on the Weekly Chart.

From the Ichimoku Weekly Chart, we can see that both the Tenkan sen and Kijun sen has not crossed yet.

And the closing price for SPX is just hovering around the Kijun sen (which is the trend line). In other words, the trend is still intact.

We can see that the Tenkan sen and Kijun sen has flattened.

And the candle bar for the week is smaller than the previous week; forming an inside bar.

If it does not breaks the support level, this inside bar will be the base for the retracement, rebound and breakout from the resistance.

On the Weekly Chart, the Kijun sen is at 1033

In other words, any break below the support levels will give us a confirmation that the trend is turning and if drops further below 1045, the bearish view is complete.

SPX Weekly Chart