TO READ THIS WEEK's POST CLICK HERE...

Monday, December 29, 2014

S&P 500 - Triple Screen 'Technical Analysis' - 3 Inside Up - Week 1 of January 2015.













Learning from last Week:  (click here for the previous post)

Patterns:
  • Bullish Harami on the Medium Term becomes a 'Three Inside up' #W1.
  • Monthly Candle earlier resembled a Dragon Fly Doji, with last week's up move, its more of a 'Hanging Man' (as of now), bear hope stays alive #M1.
Support & Resistance:
  • Bulls stay above the 5 EMA on the Daily Charts all of last week and make a new ATH, bears hold back the index at the Broadening Top Pattern's upper line #D1.
Moving Averages:  
    • Daily 5 EMA and 13 SMA, stay crossed Bullishly #D1.
    Indicators:
    • STS 34 3 4, bounces at the oversold line and moves into the over bought #D2.

    Wrap:
    Bears hold back the index at the Broadening Top Pattern's upper line #D1.
    Bulls trigger a 3 inside up and make a new ATH #W1.




    Looking forward into this Week:

    Patterns:
    • Broadening Top (Study Links herehere or elsewhere) seen on the Day Chart - follow up re-formed top - bottom is near the 76.4% retrace mark.
    • 'Three Inside Up' is active  (Study Links herehere or elsewhere) #W1.
    • Hanging Man worth a study (Study Links herehere or elsewhere)  #M1.
    Support & Resistance: 
    • Megaphone Top #D1 and EOW Channel Top, are levels the Bulls look to take out.
    • The 5 EMA on the weekly charts (2061) and previous week's close i.e. 2071 are the supports, that the Bears would want to get below #W1.
    Moving Averages:
    • The 5 EMA and 13 SMA on the Medium Term Charts cross bearishly below 1906 #W1.
    Indicators:
    • TSI, above the 76.4% Fibonacci retrace #M2.


    Wrap:
    Bulls make a 'Three Inside up', and now focus on the EOW channel top #W1.
    Bears look to fight back from the Broadening Top Pattern's upper line #D1.