Consumer Goods

$GMCR . Great kumo resistance ahead

$GMCR continue its downward trend breaking the support at around $19.74.

Looking ahead, it face significant headwinds with the thick kumo resistance cause by the massive $20 gap down back in May.

Will there be more buying of GMCR this quarter? And what will be its catalyst?

I continue to bet on the downward trend.

A $20 gap down is a huge movement and a trend to acknowledge.


$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.


$SPX . 1340 breached. Next target.

/ES 1340 support level has been breached since pre-market.

With this support breached, next target should be 1320 and 1306

If /ES rebound for the day, the resistance to look at includes 1340 and 1351; both of which provides good short entry with stop loss.