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Monday, July 13, 2015

S&P 500 - Triple Screen 'Technical Analysis' - Channel Pullback 2 - Week 3 of July 2015.













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


Patterns:
  • Index pulls back to Day Channel's Bottom #D1 again, 'Opening black Marubozu' of the previous week is followed by a red Doji #W1.
Support & Resistance:
  • Index gets support above the long term 13 SMA #M1. The Day Channel's Bottom line #D1 and the 34 MVWAP #W1, resist attempts of the Bulls to close higher #D1.
Moving Averages:  
    • The 5 EMA and 13 SMA, in the medium term #W1, stay crossed 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 do a repeat pullback #D1.




    Looking forward into this Week:

    Patterns:
    • On the Long Term Screen a 'Closing black Marubozu' (Study Links herehere or elsewhere) #M1, is active.  Doji on the Medium Term Screen points to indecision #W1.
    Support & Resistance: 
    • 34 MVWAP #W1, and the Day Channel Bottom #D1, are the resistances that Bulls want want to get above. Index has support at the Daily 200 SMA #D1.
    Moving Averages:
    • On the EOW, 5 EMA will cross the 13 SMA bullishly, above 2144 #W1,
    Indicators:
    • STS 34 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 life below the 200 SMA #D1.