Despite another hyper-ramp from sp'1991 to 2108, it likely marks another failure for the equity bulls to break above the May 2015 high of 2134. The bigger monthly charts are clear, having traded within a narrow range for over a year... a big move remains due.
Note the narrow range bollinger bands. As many in the mainstream recognise, a big breakout is due...one way or another.
re: Ichimoku. Things only get interesting for the deflationary doomer bears, on a pierce into the green cloud.. which is around sp'1690. By October, that will have risen to around 1770.
A break into the cloud will offer a washout to at least the 1625/1575 zone.
Any monthly close - in the remainder of 2016, under sp'1500, would bode in favour of the 'crazy talk' targets... sp'600/500 in 2017/18. However, I don't see that as viable, as the central banks would massively intervene.