A while back I stated that the flat topped Weekly Kumo would hold the market, and then provide a floor if Price should rise above it. SPX is now back below the the Weekly Kumo and the Price is right on the Tenkan-sen. The Tenkan-sen may offer a small amount of support, but the Kumo at 1053 will once again offer resistance if we should approach it. The nature of the Kumo is to attract the price back to it, and now that we are inside the Kumo price is free to float. If the price drops below the Tenkan-sen the Kijun-sen will be next to offer support.
The only time frame that is not below it's Kumo is the 60 minute chart, but even that chart has a Tenkan-sen/Kijun/sen cross so all the Ichimoku Kinko Hyo charts are very bearish.
The ES Mini and the SPX have similar counts
We crossed the 1039 level!
The last chance for the Bulls to redeam them selves is if the ED count comes back to life. 1018 is the top of wave A and we are not that far from it. Should that line be crossed this scenario can be taken off the table.
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.