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S&P500

$SPX . Watch for kumo breakout.

$SPX may be at a cross road soon.

On the Ichimoku Daily Chart, we can see that

1. A Tenkan sen – Kijun sen bullish cross has already took place.

2. The Chikou Span is now challenging the resistance from the price level and the Tenkan sen and Kijun

3. However, from the kumo resistance, we can see the resistance is at its weakest point if it pierce through this few days. Beyond June, if it fails to breakthrough, the thick kumo will set  in and probably act as resistance.

4. Having said that, the leading kumo seems to be showing possible signs of twisting as well; signs of a change in trend.