Market Going Sideways - Ready for Bullish Breakout Or Not

S&P 500 is now just below its Ichimoku Clouds. The mere fact that it has not bounce off the resistance and moved lower is perhaps good news for the bulls. The index is now just hugging below the resistance line and if it breaks out of the Cloud, look for it to hit at least the 200 day MA at 1275pts. There are also some positive indication from the Ichimoku Cloud trading overlay that are of favorable to the bulls. If the market favor the bulls, we could see some upside next week.

S&P500

Bank of America