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S&P500

S&P500 (SPX) : SPX Continue to face kumo resistance

We are basically back to where we are  a couple of days back.

Despite more than 2% rally (at the time of this posting), SPX continues to face massive resistance from the kumo.

However, there is a glimpse of hope to look at.

On the Ichimoku Daily Chart, we can see that Tenkan sen has crossed the Kijun sen (trendline). And it face immediate resistance from the kumo.

But, if we are to look forward a little bit at the leading kumo, it is showing that the price level has consolidated a bit and is not at the low.

In fact, if SPX can hold above 1090 by end August, we may be in a new bull rally

By iam802

Trend trading with Ichimoku