In response to the most recent comments on the SP500 thread here is the ichimoku view on the weekly time frame

The tenkan has crossed kijun a few weeks ago (blue line under red line). This is issuing a weak sell signal. Chiku (black line based on todays price set back 26 periods) has broken through price confirming that sell signal.
But price is still on the upper edge of the cloud and so finding support from it. Also - not Ichi - note RSI divergence over the last couple of months

So we are not in all out bear territory yet according to Ichi but the further we move into the cloud (the area of indecision and unpredictability) the more we are breaking the trend and counteracting the bullish phase from May last year when we had a weak buy signal which was later confirmed in Sept when price broke through the cloud to the upside.

In some way depending how you want to work with Ichi it is saying if you have the balls to believe in the uptrends continuation then now is a good time to buy but its also warning of the distinct possibility of that trend being broken.

Never any easy answers eh? ;+)

I think if we go any deeper into the cloud over the next couple of weeks we will probably end up hitting the flatline lower edge of the cloud currently at 908. If we break through that then its armegeddon
So as others are saying in the other thread there is still a case for longs on the weekly time frame but that case is currently being asked the hard questions as to its continuation.