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Monday, March 23, 2015

S&P 500 - Triple Screen 'Technical Analysis' - Channel Support Works - Week 4 of March 2015.
















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


Patterns:
  • After triggering a 3 Inside down, on the weekly charts, Bears drive down to the Day channel's bottom - Bulls manage a massive bounce from here #D1.
  • This month's candle is a Doji, which has gapped above the previous month as of now #M1.. 
Support & Resistance:
  • Index moves above all the MAs that we track, resistance to beat is the ATH #M1.
Moving Averages:  
    • The all important, 5 EMA and 13 SMA, on the medium term screen, deflects Bullishly last week #D1.
    Indicators:
    • RSI 13 is still in the 50s #W2.

    Wrap:
    Index bounces from support #D1, and heads close to the ATH #M1.





    Looking forward into this Week:

    Patterns:
    • Bears eye the Doji made by this month's candle - hoping for an Evening Star formation #M1.
    • Bulls look to History (re-look) #M1 & #M3, and the Day Channel's Bottom line #D1, for a resumption of the Bull run.
    Support & Resistance: 
    • 5 EMA on the Daily Charts #D1, is the support that Bears want to slip below, while the Bulls want to clear the ATH #M1.
    Moving Averages:
    • The 5 EMA and 13 SMA on the Week  Charts, would stay deflected  Bullishly above  2015 #W1.
    Indicators:
    • TSI, if resisted by the 76.4% Fibonacci retrace, would hold some cheer for the Bulls #M2.


    Wrap:
    Bears pray for an Evening Star and brace to hold the ATH #M1.
    Bulls trust History #M1 & #M3 and aim to clear the All time High (ATH).