On the Ichimoku Daily Chart, $SPX has been supported at level 1320.
However, a closer look at the 5 min chart, we can see that 1320 is under heavy pressure and may not hold over the next 2 weeks.
While Apple ($AAPL) is having their conference, $RIMM drop like a stone from its opening rally and breached the $20 mark.
Some key points from Apple’s conference:
1.Â 93% of Fortune 500 are testing or deploying iPhone (nail in the coffin for RIMM)
2.Â 3 out of 4 tablets sold in US are iPads
“Consumers don’t want tablets..they want iPads” – Tim Cooks
3.Â iMessages are pushed to all your devices – securely encrypted end-to-end
I believe the above 3 points are enough to show how much catch up RIMM has to do.
Despite the relatively light volume yesterday, SPX ended up and above the Chikou Span resistance.
We also have a secondary confirmation outside of Ichimoku. This comes from the Force Index below. From the chart, we can see that the Force Index has turned ‘bullish’ and this may be a good time for a long position.
If SPX close above the Support level of around 1200, we will have a confirmation that it has break out of the trading range. After which, next target is to go above the kumo at around 1229.
– Do we still feel any fear? Euro issues? US ratings issues?