Monday, July 17, 2017

S&P 500 (Americas, USA) - 'Weekly Technical Analysis' - Cusp of the Breakout - Week 3 of July 2017.

Zoom into chart .. 

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

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

Index firms up above the Tenkan Sen (Blue) last week, closes almost at the 200 % of the Fibonacci retrace of the 
July 2015 High to the February 2016 Low (Last major Hi-Lo).
Bulls have closed the week, at the last discussed resistance: 2458 (2459). 
Bulls again bounce back from support at Tenkan Sen last week.


Bulls reach 2458, after kick off from the Tenkan Sen (once again).

Looking forward into this Week:

Bulls now seek to stay above 2458, and the Tenkan Sen.
Bears now seek to defend the 200% Fibonacci as shown above.
Index Support and Resistance possibilities (new) are marked as above. 

Bulls look to make new ATHs, staying above current support at the Tenkan Sen (blue line) and cracking the 200% Fibo retrace, of the above mentioned Hi-Lo.
Bears seek to keep it below the 200% Fibo retrace, and take the index below the Tenkan Sen.