As posted on April 30, S&P has some space for a bullish run.
Previously I highlighted that it will face resistant from the kumo on the Weekly Chart.
Following is an update:
1. As expected, the kumo on the Weekly Chart is fairly on the spot. S&P touches it and start making an about turn. Moving forward, we still see major resistant for the S&P. The kumo suggest resistant level all the way till S&P at about 800.
2. On the Daily Chart, we have just seen the Tenkan sen crosses the Kijun sen. Volume has drop since May. A sign that the most buying-n-selling are done. Â On the Daily Chart, we see some support at 893. However, there is a chance that the forward kumo is going to twist and show a bearish trend.