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Monday, April 20, 2015

S&P 500 - Triple Screen 'Technical Analysis' - Range - Week 4 of April 2015.











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


Patterns:
  • Index stays range bound with the range getting tighter with a Lower High and Higher Low #D1.
  • March and February candles form a Bearish Harami, with April candle showing green - as of now #M1. 
Support & Resistance:
  • Index reverses exactly from the resistance line made by the previous Highs #D1, while support was also precisely at the 13 SMA on the EOW #W1.
Moving Averages:  
    • The all important, 5 EMA and 13 SMA, on the medium term screen, stay deflected Bullishly again last week #W1.
    Indicators:
    • RSI 13 is still in the 50s #W2.

    Wrap:
    Index again makes a lower high on the Day Chart, Bulls still on top #D1.





    Looking forward into this Week:

    Patterns:
    • Bears Struggle to make a Long Term 'Three inside down' after the Bearish Harami - see last three candles #M1 (Study Links herehere or elsewhere)
    • 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: 
    • 5 EMA on the EOW (2081) #W1, is the Index Support that Bears want to get below. 
    • Bulls look to get out of this consolidation, with a break out above 2112, the last high on the Day Charts #D1.
    Moving Averages:
    • If the Index manages to close the week above 2059, 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, good 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 want to get out of the current consolidation, with a break above 2112 and a push to the ATH #D1.