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S&P500

$SPX . Watch for kumo breakout. Bullish cross.

 

On the Daily Ichimoku chart, SPX is currently trading within the kumo.

This suggest that the direction is not clear. Resistance is at 1220 levels.

However, with the recent rally, we may get a Tenkan sen – Kijun sen bullish confirmation soon.

With the levels so close to the kumo flat top, there is a high chance that SPX will break out of the resistance and continues its bullish run till year end.

Possible catalyst includes the EU package for Greece.

Note:

EU will hold a summit on October 23 to adopt more measures to counter the crisis.