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Monday, July 6, 2015

S&P 500 - Triple Screen 'Technical Analysis' - Channel Break - Week 2 of July 2015.

















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


Patterns:
  • Index slides below the bottom of the Day Channel #D1, June month's candle is a 'Closing black Marubozu' #M1.
  • Index pulls back to Day Channel's Bottom #D1, leaving last week's candle looking like an 'Opening black Marubozu'.
Support & Resistance:
  • Index closes above the long term 5 EMA #M1, and the Day Channel's Bottom line resisted attempts of the Bulls to close higher #D1.
Moving Averages:  
    • With a close at 2077, the 5 EMA and 13 SMA, in the medium term #W1, cross bearishly.
    Indicators:
    • RSI 13 meanders in the middle of the range for some time now #W2.

    Wrap:
    Bulls close above the long term 5 EMA #M1. 
    Bears break below the Day Channel and complete the pullback #M1.




    Looking forward into this Week:

    Patterns:
    • On the Long Term Screen a 'Closing black Marubozu' (Study Links herehere or elsewhere) #M1, is active. 
    • On the Medium Term Screen an  'Opening black Marubozu' (Study Links herehere or elsewhere) #W1 is active.
    Support & Resistance: 
    • 2131 and the Day Channel Bottom #D1, are the resistances that Bulls want want to get above. 
    • Index have support at the Daily 200 SMA (edited) and the Month Channel Bottom #M1
    Moving Averages:
    • Bulls if they close this Week above 2131, will get the 5 EMA to cross above the 13 SMA on the Weekly Charts  #W1.
    • Bears if they close this Month below 1954, will get the 5 EMA to cross below the 13 SMA on the Monthly Charts  #W1.
    Indicators:
    • STS 34 returns at the oversold mark #D2.


    Wrap:
    Bulls, keeping above the long term 5 EMA, look to get back into the Day Channel #M1
    Bears want a weekly close below 2073, and even hope for a break below the Month Channel leading to a monthly close below 1954 #M1.