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Monday, January 5, 2015

S&P 500 - Triple Screen 'Technical Analysis' - Long Term 3 Inside Down ? - Week 2 of January 2015.
















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

Patterns:
  • Medium Term 'Three Inside up' pauses as a Higher Time Frame Pattern goes active #W1.
  • Bear hope up  after November and December Candles form Bearish Harami. Last three Monthly Candles now make a 'Three Inside Down' - for now - #M1.
Support & Resistance:
  • Bulls manage to stay above the 5 EMA on the Monthly Charts, after bears send back the index from the Broadening Top Pattern's upper line, to below the 5 EMA on the EOW #D1.
Moving Averages:  
    • Daily 5 EMA and 13 SMA, poised to cross bearishly or deflect bullishly #D1.
    Indicators:
    • STS 34 3 4, slips below the over bought #D2.

    Wrap:
    Bears send back the index at the Broadening Top Pattern's upper line #D1.
    Bulls arrest the fall at the daily MVWAP 34 #D1.




    Looking forward into this Week:

    Patterns:
    • Broadening Top (Study Links herehere or elsewhere) seen on the Day Chart - follow up re-formed top - its bottom is near the Fibonacci 76.4% mark.
    • Bearish Harami is now active on the Long Term Screen and could trigger a 'Three Inside Down' #M1 (Study Links herehere or elsewhere).
    Support & Resistance: 
    • MVWAP 34 on the Day Charts #D1 and the Monthly 5 EMA (2023), are supports the Bulls look stay above.
    • The Megaphone Top #D1 and previous month's close i.e. 2059 are the resistances, that the Bears would want to stay below #W1.
    Moving Averages:
    • The 5 EMA and 13 SMA on the Medium Term Charts cross bearishly below 1955 #W1.
    Indicators:
    • TSI, holds above the 76.4% Fibonacci retrace #M2.


    Wrap:
    Bulls seek to deny the Bears a Long Term 'Three Inside Down' by getting & staying above 2059 #M1.
    Bears look to stay below the Broadening Top Pattern's upper line and reach the lower line #D1.