S&P 500 Outlook for September - ranging within Ichimoku cloud

S&P 500 Outlook for September - ranging within Ichimoku cloud

7 September 2015, 06:11
Sergey Golubev
0
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W1 price is on total ranging market condition between the following key levels:

  • 2132.59 key resistance level located far above Ichimoku cloud; if the price breaks this level from below to above so the bullish trend will be continuing up to 2134.42 as the next nearby bullish target.
  • 1863.12 key support level located far below Ichimoku cloud in the bearish area of the chart; if the price breaks this level from above to below so we may see the reversal of the price movement to the primary bearish market condition.

Chinkou Span line is above the price indicating the ranging condition by direction with good possibility to breakdown.

If W1 price will break 1863.12 support level so we may see the reversal of the price movement to the primary bearish market condition.
If W1 price will break 2132.59 resistance level so the primary bullish trend will be continuing.
If not so the price will be ranging between the levels.

Trend:

W1 - ranging
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