Week review: 7th to 11th August 2017

At the beginning of each week we will have a review of the last week levels. The exercise to do is to delete all manually drawn support and resistance levels and trend lines and redraw them using the highest time frames, 4,500 ticks and daily chart.

4,500 ticks chart

2017-08-14 12_03_29-Paper@thinkorswim [build 1904.14]

The key support and resistance identified are: 2488 (absolute high), 2470, 2460, 2445, 2436.

Remember that always support and resistance levels are approximate. You shall add at least 2 points (1%) above and below each of these levels.

Daily chart

2017-08-14 12_07_55-Paper@thinkorswim [build 1904.14]

In the daily chart we can identify an additional support and resistance level at 2405.

A trend line is drawn from the lowest low of the year, actually on the 31st of Dec 2016 to the low of the 17th of April. This support trend line is giving a good guidance on the current rally.

Other observations come from the XBP Sine Wave indicator that started to print a support level on last Thursday and from the Universal Oscillator that is printing values of -0.88, signaling that support is near or on.

I expect S&P 500 to continue the rally in the following days if nothing major (North Korea, Venezuela, etc.) happens.

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