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Monday, April 6, 2015

S&P 500 - Triple Screen 'Technical Analysis' - 3 inside down and 2068 - Week 2 of April 2015.













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


Patterns:
  • Bulls fail to make a higher high again and close below the channel's bottom line in a repeat performance #D1.
  • March and February candles form a Bearish Harami, with April candle showing red - as of now #M1. 
Support & Resistance:
  • Index found resistance at the Daily MVWAP 34, #D1, 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 #W1.
    Indicators:
    • RSI 13 is still around the 50s #W2.

    Wrap:
    Index resisted near the Daily MVWAP 34 #D1, takes support at the Long Term 5 EMA #M1.





    Looking forward into this Week:

    Patterns:
    • Bulls now need to prevent a Long 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 Line, is the resistance that Bears want to keep below, this week also. 
    • Bulls seek to keep above the support at the 5 EMA on the EOM (2052) #M1.
    Moving Averages:
    • Above 2049, the 5 EMA and the 13 SMA on the Weekly  Charts, would stay deflected Bullishly #W1.
    Indicators:
    • TSI, support at the 61.8% Fibonacci retrace, would hold some cheer for the Bulls #M2.


    Wrap:
    Bears after triggering a Long term Bearish Harami, look to convert it into a 3 inside down, by closing April below 2068 #M1.
    Bulls trust History #M1 & #M3 and aim to keep above the 5 EMA on the month chart.