On the Ichimoku Daily Chart, $SPX has been supported at level 1320.
However, a closer look at the 5 min chart, we can see that 1320 is under heavy pressure and may not hold over the next 2 weeks.
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Tag: United States
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$RIMM . $20 is breached.
While Apple ($AAPL) is having their conference, $RIMM drop like a stone from its opening rally and breached the $20 mark.
Some key points from Apple’s conference:
1. 93% of Fortune 500 are testing or deploying iPhone (nail in the coffin for RIMM)
2. 3 out of 4 tablets sold in US are iPads
“Consumers don’t want tablets..they want iPads” – Tim Cooks
3. iMessages are pushed to all your devices – securely encrypted end-to-end
I believe the above 3 points are enough to show how much catch up RIMM has to do.
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$SPX : Breaking out
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.
Notes:
– Do we still feel any fear? Euro issues? US ratings issues?