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Monday, June 1, 2015

S&P 500 - Triple Screen 'Technical Analysis' - Bear Nose in - Week 1 of June 2015.













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


Patterns:
  • Index throws back to the Ascending Triangle's Top line and slides below it, staying  within the Day Channel #D1.
Support & Resistance:
  • Index was resisted near the ATH (All Time High) #D1, while support was around the 13 SMA on the week chart #W1.
Moving Averages:  
    • The all important, 5 EMA and 13 SMA, in the medium term view #W1, continues to stay deflected bullishly.
    Indicators:
    • RSI 13 is in the 50s #W2.

    Wrap:
    Bulls fail to keep the index above the ascending triangle #D1 and lose control of the Short term screen, while the Bears could not take it below the 5 EMA on the EOM for the 4th month running #M1.





    Looking forward into this Week:

    Patterns:
    • Ascending Triangle and its behaviour, on the Day Chart, worth a study (Study Links herehere or elsewhere) #D1.
    • Bulls keep the index above the Long term 5 EMA, for the 4th month running. The last two month candles #M1, are green and resemble spinning tops (Study Links herehere or elsewhere).
    Support & Resistance: 
    • 5 EMA on the Month Chart (2077) #M1, is the Index Support that Bears want to get below. 
    • Bulls seek to clear the ATH line #M1 with a clear break out from the Ascending Triangle #D1. 
    Moving Averages:
    • Bulls by closing this Week above 2058, get 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, back inside the ascending triangle, look for a breakout and a resumption of the Bull run #D1.
    Bears after taking over the short term screen, look for a close below 2077 to stay in the red #M1.