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Monday, May 18, 2015

S&P 500 - Triple Screen 'Technical Analysis' - ATH Nudge - Week 3 of May 2015.
















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


Patterns:
  • Ascending Triangle formed with the ATH line and the Day Channel's bottom keeps index hedged in, even as it nudges this line last week #D1.
Support & Resistance:
  • Index sees resistance at 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 bullishly #W1.
    Indicators:
    • RSI 13 is back to the 50s now #W2.

    Wrap:
    Bulls struggle to get above the ATH #D1, while the Bears fail to make a significant lower low - position wise it remains advantage Bulls.





    Looking forward into this Week:

    Patterns:
    • Ascending Triangle on the Day Chart worth a study (Study Links herehere or elsewhere) #D1.
    • Bulls look to repeat History (re-look) #M1 & #M3, and seek to break-out and stay above the Day Channel Top #D1 to help that cause.
    Support & Resistance: 
    • 5 EMA on the EOW (2112) #W1, is the Index Support that Bears want to get below. 
    • Bulls seek to clear the ATH line and the Day Channel top line, this week #D1.
    Moving Averages:
    • Bulls have to close this Week above 2077, to keep the 5 EMA above the 13 SMA on the Weekly Charts  #W1.
    Indicators:
    • TSI, support at the 61.8% Fibonacci retrace, good for the Bulls #M2.


    Wrap:
    Bulls, stuck inside an ascending triangle, look for a breakout and a resumption of the Bull run #D1.
    Bears after hedging in the Bullshope to close the week below 2077, to get back into the game.