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S&P500

$SPX . Beauty of Ichimoku. Expect a bounce.

This is the beauty of the Ichimoku trading system.

It is highly visual and in this case, does not require one to draw support level to comprehend it.

From the Ichimoku chart, we can clearly see that Chikou Span is hitting right onto the bottom of the kumo support.

We should expect a bounce. Also, we can see that the price has move away so far from the Tenkan sen.

Though, my gut feel tells me that the bounce will be short lived given the issues over in Euro. Neither am I going to hold my short for long.

There will come a time, where they will declare ‘all Euro issues solved’ and the rebound will be fast and furious.

I continue to hold short positions going into short.

Stay focus. Stay nimble.