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Monday, June 22, 2015

S&P 500 - Triple Screen 'Technical Analysis' - High Wave Highs - Week 4 of June 2015.














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


Patterns:
  • The Weekly Chart, shows a green week after a High Wave (last two candles) #W1.
  • Index extends its bounce off the bottom of the Day Channel #D1 making this month's candle a Doji #M1.
Support & Resistance:
  • Index was supported near the daily MVWAP34 #D1, while is stopped short of the All Time High (ATH) #M1.
Moving Averages:  
    • The 5 EMA and 13 SMA, in the medium term view #W1, touch and go as in a bullish deflection.
    Indicators:
    • RSI 13 is right in the 50s #W2.

    Wrap:
    Bulls retake all screens after the High Wave candle #W1. 
    Bears stop the index well short of the ATH #M1.




    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 Day Channel Bottom #W1, are the Index Supports that Bears want to get below. 
    • Bulls seek to keep above the strategic 2102 #D1 and clear the ATH #M1. 
    Moving Averages:
    • Bulls if they close this Week above 2102, will retain the Bullish deflection of the 5 EMA and the 13 SMA on the Weekly Charts  #W1.
    Indicators:
    • TSI, support at the 61.8% Fibonacci retrace by June end, good for the Bulls #M2.


    Wrap:
    Bulls, keeping above the monthly 5 EMA #M1, look to make a new ATH #M1
    Bears want a weekly close below 2102, and a break below the Day Channel #D1.