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S&P500

$SPX . Kumo resistance on Weekly Chart

By now, we can see that the price level has break through the kumo. The bullish move is very strong as we can see from the steepness of Tenkan sen.


Looking at the longer term, on the Ichimoku Weekly Chart, we can clearly see that SPX is still trading within the kumo. In other words, the Ichimoku chart is telling us that the longer term bullish trend have not been established yet.

If one is trading on the bullish side for SPX, there is a need to remain vigilance. There is possibility that SPX may not be able to break through the kumo resistance on the Weekly Chart.

In fact, from the Weekly Chart, we can see that the leading kumo has twisted and is showing bearish signs.

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