Monday, April 10, 2017

S&P 500 (Americas, USA) - 'Weekly Technical Analysis' - Resisted Again - Week 2 of April 2017.

Zoom into chart .. Click 

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

Index again flirts with to the 2.62 extension with a Red 'High Wave' candle as marked above.
Last three candles on the Weekly chart above, show a Piercing Pattern and its follow up a High Wave candle.


The Index throws back to the 2.62 extension of the last minor High-Low and Bulls fail to clear the resistance.

Looking forward into this Week:

Bears hope to again 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 hope for Higher Highs based on the Piercing Pattern.
Bears having stopped the index thrice at the 2.62 resistance, seek to keep the pressure on, and hope to change the trend