Chart, page-7855

Hi mate.

Happy too.

The candle stick on this weekly chart has so far dwarfed the previous 4 candles which indicates a very bullish move up in the SP. As a few others have pointed out it appears we have indeed broken out from the triangle that was forming.

The candle sticks are following the Kumo nicely so far which would indicate the SP has achieved some kind of equilibrium & we are trading above the Kumo so the overall market is bullish.

The Tenkan Sen & Kijun Sen are flat which could indicate a consolidation period is occurring but also when the Kijun Sen turns flat it could mean the SP will be drawn up towards it. Indicators change every second the SP trades so if the bulls stay in control this week I would imagine the Tenkan Sen will start to point up slightly by the end of the week which would signal upside momentum is building. If both of these indicator point up in the coming weeks it could be the start of a bull run.

The MACD lines continue to get more narrow & when these two lines cross it will be a buy signal.

The RSI is at 48 so there is a lot of potential for the SP to move higher.

We are currently trading in a resistance zone, the next resistance levels are:

$3.35 zone
$3.50 - $3.60 zone where the Kijun Sen is trading.

Support will be the $2.90 - $3 where the top of the Kumo is.

The Kumo thickens & moves higher over the coming weeks so I'm expecting the SP to continue to trace the Kumo higher as well, possible bouncing off it a few times along the way. The Kumo will provide significant support if the SP drops below the $2.90 support zone.