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Monday, May 4, 2015

S&P 500 - Triple Screen 'Technical Analysis' - Stand Off - Week 1 of May 2015.
















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


Patterns:
  • March and February candles had formed a Bearish Harami, with April candle ending green a Long Term 'Three inside down'  is averted by the Bulls #M1. 
  • Bear resistance at the ATH, sends Index back into the Symmetrical Triangle on the Daily Chart #D1. Bulls manage to close higher than the last low.
Support & Resistance:
  • Index again sees resistance near the ATH #M1 & #D1, while support was around the 13 SMA on the EOW #W1.
Moving Averages:  
    • The all important, 5 EMA and 13 SMA, on the medium term screen, continue to stay deflected #W1.
    Indicators:
    • RSI 13 is in the 60s now #W2.

    Wrap:
    Index again makes a higher low on the Day Chart, Bulls still on top, but back inside the Symmetrical Triangle #D1.





    Looking forward into this Week:

    Patterns:
    • Bears fail to make a Long Term 'Three inside down' after the Bearish Harami - see last 4 candles #M1 (Study Links herehere or elsewhere). 
    • With a higher low in place #D1, bulls look to repeat History (re-look) #M1 & #M3
    Support & Resistance: 
    • 5 EMA on the EOW (2100) #W1, is the Index Support that Bears want to get below. 
    • Bulls seek to clear the ATH resistance by a good margin this time around #D1.
    Moving Averages:
    • Bulls have to close the week above 2107, to ensure that the 5 EMA and the 13 SMA on the Weekly Charts, do not cross Bearishly #W1.
    Indicators:
    • TSI, support at the 61.8% Fibonacci retrace, good for the Bulls #M2.


    Wrap:
    Bulls after rebounding from ATH, look for Higher Highs and a resumption of the Bull run #D1.
    Bears after defending the ATH, hope to close the week below the 2107, to get back into the game.