This is a follow up post fromÂ http://tradingichimoku.com/2011/10/28/spx-kumo-resistance-on-weekly-chart/#more-2711
Previous post shows SPX trading within the Weekly kumo. It has yet to breakout of the kumo; showing that the longer bulls trend is not established yet.
And this is definitely true, given the debt issues in Europe.
On the Ichimoku Daily Chart, we can easily that it is trading above the kumo.
This drop, due to Italy’s debt, will see possible support at around 1220.
On the Ichimoku Weekly Chart, we can see that support lies around 1200 at the base of the kumo. For the trend to hold, SPX must trade above 1200 going towards year end.