S&P 500 (SPX) : A kumo and a doji

As mentioned previously, the SPX has rallied for 6 days and is fast approaching the kumo resistance.

Yesterday’s market action was weak with the market pushing up the index only during the last half an hour.

Nonetheless, the Ichimoku Daily Chart for SPX is clearer than ever. A huge kumo resistance and a doji.

All we need is a confirmation candle to start a downtrend.

Having said that, tonight’s market action will determine if I should keep my long on SPY.

By iam802

Trend trading with Ichimoku