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Monday, June 8, 2015

S&P 500 - Triple Screen 'Technical Analysis' - Counting Crows - Week 2 of June 2015.















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


Patterns:
  • The last two candles on the Weekly Chart #W1, would form the first of three possible Crows #W1.
  • Index heads for the bottom of the Day Channel #D1 after two Spinning tops #M1.
Support & Resistance:
  • Index was resisted near the weekly 5 EMA #W1, 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, continues to stay deflected bullishly.
    Indicators:
    • RSI 13 is in the 50s #W2.

    Wrap:
    Bears manage two identical red weeks #W1, as they head towards the Day Channel's bottom #D1. Bulls hold the index well above our mark, the long term 5 EMA #M1.





    Looking forward into this Week:

    Patterns:
    • Possible Three Black Crows candle pattern 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, 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 if they close this Week above 2088, will maintain the Bullish cross of 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, keeping above the monthly 5 EMA #M1, 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.