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Monday, June 29, 2015

S&P 500 - Triple Screen 'Technical Analysis' - Bear High - Week 1 of July 2015.














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


Patterns:
  • Index extends its bounce off the bottom of the Day Channel #D1, this month's candle now resembles a Doji or a spinning top #M1.
Support & Resistance:
  • Index found resistance well before the previous high - and support before the previous low #D1.
Moving Averages:  
    • With a close at 2012, the 5 EMA and 13 SMA, in the medium term #W1, again touch and go as in a bullish deflection.
    Indicators:
    • RSI 13 meanders in the middle of the range for some time now #W2.

    Wrap:
    Bulls stop short of the previous low and the long term 5 EMA #M1. 
    Bears stop the index well short of the ATH, and retake the short term screen #M1.




    Looking forward into this Week:

    Patterns:
    • Bulls keep the index above the Long term 5 EMA, for the 4th month running. The previous two month candles #M1, resemble spinning tops as does the June candle (Study Links herehere or elsewhere). 
    Support & Resistance: 
    • The Day Channel Bottom #D1, is the support that Bears want to get below. 
    • Bulls seek to get above 2114 #W1 and clear the ATH #M1. 
    Moving Averages:
    • Bulls if they close this Week above 2114, will retain the Bullish deflection of the 5 EMA and the 13 SMA on the Weekly Charts  #W1.
    Indicators:
    • STS 34 returns at the oversold mark #D2.


    Wrap:
    Bulls, keeping above the long term 5 EMA, look to make a new ATH #M1
    Bears want a weekly close below 2114, and a break below the Day Channel #D1.