🚨⛈ SPX: 17-SEP-21 Weekly Review, Forecast & Analysis ⛈🚨
Short-Term & Macro Analysis: In this quick video, I cover this week’s price action, the state of technical indicators and provisional forecast for the coming week on both low & high timeframes considering impacts of the macro economic cycle.
In case you want to just quickly glance at the chart, see the key notes and snapshot below.
You'll find a summary of each major data point from each timeframe assessed.
Monthly: Bullish, but minor correction expected
- Ichimoku: Tekan above Kijun, riding above bullish green cloud
- MACD: Post COVID bullrun breakout finally reversing
- RSI: Overbought limits, reversal imminent
Weekly: Unclear, likely bullish, if Tekan Sen (blue ichi line) acts as support
- Price Action: Closed below and broken yearly support trend
- MA: Well above Weekly 50 MA
- Ichimoku: Tekan above Kijun, riding above bullish green cloud, Tekan may be tested as support in the coming week
- MACD: Significant downward breakout
- RSI: Broken crucial support
D1: Unclear, likely bearish if Daily 50 MA broken
- Price Action: Open and closed below yearly support trend
- MA: Tested Daily 50 MA
- Ichimoku: Tekan (blue) reversal, closed below Kijun (red), likely heading to test bullish green Ichi cloud
- MACD: Clearly downwards, no sign of reversal
- RSI: Second test of support, if broken in coming week, will signal weakness in the market
H4: Bearish, more down next week
- Price Action: Closed below daily support, likely test of previously monthly support
- MA: Possible test of H4 200 MA
- Ichimoku: Broken support of bullish Ichi cloud,
- MACD: Continued negative
- RSI: Second test of support, if broken in coming week, will signal weakness in the market, but since overbought, can expect multiple tests
H1: Bearish, imminent tests of crucial supports
- Price Action: Failed to regain against daily and weekly low, closed below supports
- MA: Imminent death cross of H1 50 MA with H1 200 MA
- Ichimoku: Significant bearish red Ichi cloud formed, all indicators suggest more down next week
In case you want to just quickly glance at the chart, see the key notes and snapshot below.
You'll find a summary of each major data point from each timeframe assessed.
- What are your thoughts for the upcoming week?
Monthly: Bullish, but minor correction expected
- Ichimoku: Tekan above Kijun, riding above bullish green cloud
- MACD: Post COVID bullrun breakout finally reversing
- RSI: Overbought limits, reversal imminent
Weekly: Unclear, likely bullish, if Tekan Sen (blue ichi line) acts as support
- Price Action: Closed below and broken yearly support trend
- MA: Well above Weekly 50 MA
- Ichimoku: Tekan above Kijun, riding above bullish green cloud, Tekan may be tested as support in the coming week
- MACD: Significant downward breakout
- RSI: Broken crucial support
D1: Unclear, likely bearish if Daily 50 MA broken
- Price Action: Open and closed below yearly support trend
- MA: Tested Daily 50 MA
- Ichimoku: Tekan (blue) reversal, closed below Kijun (red), likely heading to test bullish green Ichi cloud
- MACD: Clearly downwards, no sign of reversal
- RSI: Second test of support, if broken in coming week, will signal weakness in the market
H4: Bearish, more down next week
- Price Action: Closed below daily support, likely test of previously monthly support
- MA: Possible test of H4 200 MA
- Ichimoku: Broken support of bullish Ichi cloud,
- MACD: Continued negative
- RSI: Second test of support, if broken in coming week, will signal weakness in the market, but since overbought, can expect multiple tests
H1: Bearish, imminent tests of crucial supports
- Price Action: Failed to regain against daily and weekly low, closed below supports
- MA: Imminent death cross of H1 50 MA with H1 200 MA
- Ichimoku: Significant bearish red Ichi cloud formed, all indicators suggest more down next week
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