Monday, May 1, 2017

S&P 500 (Americas, USA) - 'Weekly Technical Analysis' - Resistance @ Old Top - Week 1 of May 2017.

Zoom into chart .. Click 

Learning from last Week:  (click here for the previous post)

Index took off from Support at the 1.62 extension as marked above.
The Blue weekly 'Tenkan Sen' is support and  the Old Top is resistance currently.


The Index rises from Support to make a Double Top.

Looking forward into this Week:

Bears need to hold the Double Top to get back in the game.
Bulls seek Higher Highs, to beat the Double Top.
Index Support and Resistance possibilities are marked as above. 

Bulls look to crack the Double Top, staying above current support at the Tenkan Sen (blue line).
Bears hope to restart the downward momentum, defending the current resistance

Brent Crude Oil - Ichimoku Weekly Study - Support Stops - Week 1 of May 2017.

Zoom into chart .. Click

Introduction / Primer to Ichimoku can be read at this link (click).

Learning from the Earlier Study: (click here for the previous post)

Kijun Sen (Weekly) was clear support, even as Bears held back the Index near the Tenkan Sen.
Index stays below the 61.8% Fibonacci retrace of the last major High & Low.
Chikou Span (white) attempts to bounce off the price line (see extreme left).

Index above the Kijun Sen Support line - Chikou Span (extreme left) attempts a deflection off the Price line.

Looking Forward into this Week:

Bears would want to keep Index below the Tenkan Sen(blue) and get the Chikou Span below the Price line.
Bulls,  now just above the Kijun Sen - hope to take off, to above the Tenkan Sen.
With a Higher Low @ Kijun Sen, Bulls look to manage a Higher High above the recent resistance zone.

Bulls hold Index above support and attempt to make a clear breakout through the resistance zone.
Bears wish to crack the Kijun sen and see the Chikou Span slip below the Price line by weekend.