Monday, May 1, 2017

S&P 500 (Americas, USA) - 'Weekly Technical Analysis' - Resistance @ Old Top - Week 1 of May 2017.

Zoom into chart .. Click 

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

Index took off from Support at the 1.62 extension as marked above.
The Blue weekly 'Tenkan Sen' is support and  the Old Top is resistance currently.


The Index rises from Support to make a Double Top.

Looking forward into this Week:

Bears need to hold the Double Top to get back in the game.
Bulls seek Higher Highs, to beat the Double Top.
Index Support and Resistance possibilities are marked as above. 

Bulls look to crack the Double Top, staying above current support at the Tenkan Sen (blue line).
Bears hope to restart the downward momentum, defending the current resistance