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

Wrap: 
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. 

Wrap:
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.