Monday, March 27, 2017

S&P 500 (Americas, USA) - 'Weekly Technical Analysis' - Bearing Lower - Week 5 of March 2017.

Zoom into chart .. Click 

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

Index slips lower below the 1.62 Fibonacci resistance of a major retrace as seen above.
Bear camp attempts to hold this line early this week.


The Index falls below the 2.62 extension of the last minor High-Low and is now at the 1.62 extension of the  last major High-Low.

Looking forward into this Week:

Bears hope to close the week below the current resistance (1.62).

Bulls seek Higher Highs and a close above this major level (1.62).
Index Support and Resistance possibilities are marked as above. 

Bulls seeking another major Break out - run down below major resistances.
Bears having taken advantage of the earlier (2.62) resistance, seek to keep the pressure on and change the trend