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Monday, March 2, 2015

S&P 500 - Triple Screen 'Technical Analysis' - Deja Vu rewards - Week 1 of March 2015.














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


Patterns:
  • Index closed last month below the 5 EMA on the Long Term Charts #M1, this sub 5 EMA close, occurred after about 3 years - see pink arrow #M3 - however History repeats, as Bulls come back with a green February (rewarding the alert traders) #M1.
  • Bear hope sparks again, as the medium term chart produces a Bearish Harami - #W1.
Support & Resistance:
  • Bulls do another ATH (All Time High), but index slips down to take support near the 13 SMA on the short term charts #D1.
Moving Averages:  
    • The all important, 5 EMA and 13 SMA, on the short term screen, approach each other #D1.
    Indicators:
    • RSI 13 is in the 50s #W2.

    Wrap:
    Bears trigger a Medium Term Bearish Harami last week #W1.
    Bulls learn from History #M3 and make new ATHs, with a long green candle for February M1.




    Looking forward into this Week:

    Patterns:
    • Bears produce a 'Bearish Harami' #W1 on the Medium Term Screen (Study Links herehere or elsewhere). If this week closes below 2104, bears manage a medium term Three inside down.
    • A failed 'Three inside down', which we studied about three years ago (here and here) - was seen when the Index slipped below the 5 EMA, the last time (pink arrow #M3). Exact set-up was seen last month #M1. So are we having another Bull run ?
    Support & Resistance: 
    • 13 SMA on the EOM, supports the month candle and the 13 SMA on the EOD, supports the action on the day screen #D1. Index comes back from the last ATH.
    Moving Averages:
    • The 5 EMA and 13 SMA on the Short Term Charts poised to cross Bearishly or deflect Bullishly  #D1.
    Indicators:
    • TSI, slipping below the 76.4% Fibonacci retrace, holds some cheer for the Bears #M2.


    Wrap:


    Bulls celebrate a failed three inside down and now look forward to another Bull run #M1, #M3.
    Bears pin their hopes on the Bearish Harami on the medium term charts and a weekly close below 2104 #W1.