Monday, April 3, 2017

S&P 500 (Americas, USA) - 'Weekly Technical Analysis' - Pierced - Week 1 of April 2017.

Zoom into chart .. Click 

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

Index does a throw back to the 2.62 extension from the 1.62 Fibonacci resistance as marked above.
Last two candles on the Weekly chart above, show a Piercing Pattern.


The Index throws back to the 2.62 extension of the last minor High-Low and Bulls consider the Piercing Pattern studied.

Looking forward into this Week:

Bears hope to close the week below this old resistance (2.62).

Bulls seek Higher Highs and a close above resistance (2.62) with help from the Piercing  Pattern.
Index Support and Resistance possibilities are marked as above. 

Bulls comeback from Support and consider Higher Highs based on the Piercing Pattern.
Bears having stopped the index twice at the 2.62 resistance, seek to keep the pressure on, and hope to change the trend