Monday, April 24, 2017

S&P 500 (Americas, USA) - 'Weekly Technical Analysis' - Support Works - Week 4 of April 2017.






Zoom into chart .. Click 



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

Index takes off from Support at the 1.62 extension as marked above.
The Blue weekly 'Tenkan Sen' is resistance currently.

Wrap: 

The Index rises from Support to the Tenkan Sen (Blue line).




Looking forward into this Week:

Bears need to get below the 1.62 extension - marked above.
Bulls seek Higher Highs, with help from the Piercing  Pattern and off current support.
Index Support and Resistance possibilities are marked as above. 


Wrap:
Bulls look to crack the Tenkan Sen staying above current support at the 1.62 Fibonacci.
Bears hope to restart the downward momentum, seek to change the trend