Weekly Forex Trade Setups & Key Levels | Aug 23-28

nikkei 225

S&P 500 – Major Support Base Broken, Bearish Bias (daily chart)
Dumping 180 points in the last 4 days, the S&P 500 has broken through a major support base at 1969 which has held all of 2015 and since November 2014. I’m suspecting major stops have been tripped here, so unless the hand of god (read Central Banks) start rescuing the index, we should expect further losses.

The first key role reversal zone comes in between 1969 and 1987 so I’ll be looking to get short here. Only a daily close back above 2K negates this short term bearish bias.

Downside 1894 and 1824 are the next targets before short covering will likely take place.

Nikkei 225 –

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