1st level of support for this week could be the Kijun Sen around the
$3.12 area.
I'm expecting a bounce off the Kijun Sen first before we have any chance of moving higher.
2nd level of support could be the
$2.89 mark & if all else fails the next area of support should the Kumo around
$2.45 area.
Resistance is now the
$3.35 area & considering how much support that area was for us, it will be tough trying to break through that area again. Next resistance level could be around the
$3.72 - $3.78 area
The Kijun Sen is still flat indicating we are still in a consolidation period long term (weeks/months) but the Tenkan Sen is pointing down which means there is some downside momentum in the SP over the short term (days/weeks).
Excellent analysis Mr. Pro. Keep them coming!
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It's been a tough couple of weeks for us but the tough times don't last.