Tuesday, July 11, 2017

S&P 500 (Americas, USA) - 'Weekly Technical Analysis' - Support at Tenkan Sen again - Week 2 of July 2017.

Zoom into chart .. Click 

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

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

Index firms up above the Tenkan Sen (Blue) last week, closes above the 127% of the last minor Hi Lo.
2458 a confluence of two Retraces, 162% and 200% was resistance for the last down move.
Bulls again bounce back from support at Tenkan Sen last week.


Bulls after returning from 2458, take  support at the Tenkan Sen (blue line) again.

Looking forward into this Week:

Bears seek to defend 2458, and get below the Tenkan Sen.
Bulls after taking off from the Tenkan Sen, need to clear 2458 to keep the current trend.
Index Support and Resistance possibilities are marked as above. 

Bulls look to make new ATHs, staying above current support at the Tenkan Sen (blue line) and 127% of the last minor Hi Lo.
Bears seek to keep it below 2458 and break below the current support.