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Monday, June 15, 2015

S&P 500 - Triple Screen 'Technical Analysis' - High Wave - Week 3 of June 2015.













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


Patterns:
  • The last candle on the Weekly Chart #W1, makes a High Wave #W1.
  • Index bounces off the bottom of the Day Channel #D1 after monthly Spinning tops #M1.
Support & Resistance:
  • Index was resisted near the daily MVWAP 34 #D1, while support was above the monthly 5 EMA  #M1.
Moving Averages:  
    • The all important, 5 EMA and 13 SMA, in the medium term view #W1, touch for a bearish cross or bullish deflection.
    Indicators:
    • RSI 13 is in the 50s #W2.

    Wrap:
    Index vacillates with a High Wave candle #W1. Bulls hold the Channel bottom and the long term 5 EMA #M1. Bears dominate the short term screen #D1.





    Looking forward into this Week:

    Patterns:
    • High Wave's effect is active on the medium term chart (Study Links herehere or elsewhere).
    • Bulls keep the index above the Long term 5 EMA, for the 4th month running. The previous 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 and the MVWAP 34 on the weekly screen (2068) #W1, are the Index Supports that Bears want to get below. 
    • Bulls seek to get back above the strategic 2094 #D1. 
    Moving Averages:
    • Bulls if they close this Week above 2094, will manage a Bullish deflection of the 5 EMA and the 13 SMA on the Weekly Charts  #W1.
    Indicators:
    • TSI, support at the 61.8% Fibonacci retrace, good for the Bulls #M2.


    Wrap:
    Bulls, keeping above the monthly 5 EMA #M1, look to reclaim the short term screen #W1.
    Bears look for a weekly close below 2077 to stay in the red #M1.