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Monday, March 30, 2015

S&P 500 - Triple Screen 'Technical Analysis' - Channel Support Gives - Week 1 of April 2015.













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


Patterns:
  • After bouncing from the Day channel's bottom - Bulls fail to make a higher high and slide right back, and is now below the channel's bottom line #D1.
  • This month's candle is forms a Bearish Harami, with the previous month's candle - as of now #M1. Last two candles on the EOW already form a Bearish Harami #W1.
Support & Resistance:
  • Index found resistance at the ATH, while support was at the 5 EMA on the EOM #M1.
Moving Averages:  
    • The all important, 5 EMA and 13 SMA, on the medium term screen, stay deflected Bullishly as of last week #D1.
    Indicators:
    • RSI 13 is still around the 50s #W2.

    Wrap:
    Index resisted near the ATH, takes support at the Long Term 5 EMA #M1.





    Looking forward into this Week:

    Patterns:
    • Bulls now need to deal with the Bearish Harami made by this month's candle, to prevent a Long Term Three inside down (Study Links herehere or elsewhere#M1. 
    • Bears need to close this week below last week's close, to produce a Medium Term Three inside down (Study Links herehere or elsewhere#M1
    • Bulls look to History (re-look) #M1 & #M3, and the support at the 5 EMA #M1, for a resumption of the Bull run.
    Support & Resistance: 
    • Day Channel's Bottom is the resistance that Bears want to keep below, while the Bulls seek to keep above the support at the 5 EMA on the EOM #M1.
    Moving Averages:
    • Above 2034, the 5 EMA and the 13 SMA on the Weekly  Charts, would stay deflected Bullishly #W1.
    Indicators:
    • TSI, if supported at the 61.8% Fibonacci retrace, would hold some cheer for the Bulls #M2.


    Wrap:
    Bears look to close this week below 2061 and trigger a Three Inside Down #M1.
    Bulls trust History #M1 & #M3 and aim to keep above the 5 EMA on the month chart.