Last week’s levels were: 2474, 2460, 2454, 2438, 2420, 2403 and 2366.
- 2474 acted as a key level on Thursday and Friday.
- 2460 was the high Wednesday, while 2454 was the pull-back from that high.
For this week you can see the levels directly on the screenshot, which are: 2480, 2473.5, 2465, 2460, 2454, 2448, 2443.
From all these levels to highlight 2460. When it appeared as the high of Wednesday it came with a high volume, same with 2473.5.
On the daily chart we can see how a Sine Wave resistance level has appeared (white horizontal line) as well how the XBP Volume Indicator (soon to be detailed) is marking an overbought level.
My outlook for this upcoming week is bear. I expect the market to lose some ground until it can find support again. The area around 2390 will be a good place for a first wave of strong support to come in as it will be both a previous support and resistance area at the high in March and the congestion area in May, as well as the 38.2% retracement if you consider the start of the trend since the beginning of 2017 until the congestion area of July.