Tuesday, July 4, 2017

S&P 500 (Americas, USA) - 'Weekly Technical Analysis' - Support at Tenkan Sen - Week 1 of July 2017.

Zoom into chart .. Click 

Introduction / Primer to Ichimoku can be read at this link (click).

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

Index continues its down run from resistance at 2458 - touches Tenkan Sen (Blue) support last week.
2458 is a confluence of two Retraces, 162% and 200% as seen above.
Bulls bounce back from support at Tenkan Sen last week.


Bulls after returning from 2458, take  support at the Tenkan Sen (blue line).

Looking forward into this Week:

Bears seek to defend 2458, and get below the Tenkan Sen.
Bulls after taking off from the Tenkan Sen, need to clear 2458 to keep the current trend.
Index Support and Resistance possibilities are marked as above. 

Bulls look to make new ATHs, staying above current support at the Tenkan Sen (blue line).
Bears seek to keep it below 2458 and break below the current support.