$SPX . Weekly Kumo despite Gap Up

The futures gap up before the PMI figures is released.

Despite the gap up, SPX face immediate resistance from the Chikou Span at 1273.71 and 1284.3

Switching to the Ichimoku Weekly Chart, we can see that SPX is trading inside the kumo on the Weekly and has not cleared the kumo.

This suggest that the long term bullish trend has not been established yet.

The leading kumo on the Daily Chart is also very thin. A hint that support will be weak as it goes further towards end January.

By iam802

Trend trading with Ichimoku