$SPX . Bearish and break 1320!

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.


$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.


$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.


– Do we still feel any fear? Euro issues? US ratings issues?