S&P500 ($SPX): Watch for bearish cross


Watch for a possible bearish Tenkan sen – Kijun sen cross.

Support around 1310.

If it breaks, look for support at 1270.

The leading kumo is thinning out in front. Price movement has mostly flatten and suggest a change of trend coming.


Goldman Sachs (GS) : Trend remains down

Goldman price rises as high as 140.15 yesterday on news that their hearing will be extended to July 19; the original date fo r the hearing was supposed to be yesterday (June 21).

However, the price reverse and close off on the low at 137. Volume is also very low for the day.

GS price is unlikely to go up much until the hearing is completed.

If the reversal plays out, we should have a target of $131 (it’s recent low). Any more bad news (eg. more lawsuits) may see it break the recent low.

Likewise, a confirmed settlement with SEC can revive its price movement upwards.