The markets continue their sideways trend and the DJIA is using the Kinjun (pink) as its resistance level. The S&P has had a little more success in the past few days and its trading slightly above the Kijun and is using it more as a support than a resistance. You can see this occurring in the Ichimoku charts above. There still has been no pink over blue (Kijun over Tenkan crossover) to truly indicate a change in market sentiment.
So how do you trade this market? I've reduced all open positions to one long (ISIL) and one short (ALL). It really could go either way. However, if I had to guess, it will probably start a bit of a pullback given the fact that we have had the big run up since March. The name of the game is definitely be flexible, lighten positions, take profits when you get them and be nimble - able to short or long the market depending on what you're being told by the charts and the market. Kijun levels are 918 for the S&P (closed at 921 on Friday) and 8549 on the Dow (closed at 8539 Friday).
If you are interested in learning more about Ichimoku charting, there is a book available for the Amazon Kindle here - http://tinyurl.com/nykgp5
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