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$SPY : Rebound off kumo. Watch for bearish cross

 

/ES has rebounded nicely off the kumo support around 1156.

With this rebound, it is facing heavy resistance above, in the form of both Tenkan sen and Kijun sen.

Both lines are getting very close. And if it fail to punch higher, we will have our Tenkan sen – Kijun sen Bearish cross.

The kumo support looks thin as it heads into the month of May; suggesting weakness in the next 3 weeks to come.

By iam802

Trend trading with Ichimoku