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Monday, July 20, 2015

S&P 500 - Triple Screen 'Technical Analysis' - Channel Action - Week 4 of July 2015.













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


Patterns:
  • After the Index pulled back to Day Channel's Bottom twice #D1 it breaks back into it, 'Opening White Marubozu' describes the action of last week #W1.
Support & Resistance:
  • Index gets support at the weekly 34 MVWAP #W1. The close was shy of the All Time High (ATH) #M1.
Moving Averages:  
    • The 5 EMA and 13 SMA, in the medium term #W1, meet for a bullish cross or bearish deflection.
    Indicators:
    • RSI 13 meanders in the middle of the range for some time now #W2.

    Wrap:
    Bulls close above all the MAs that we track, dominating all three screens. 
    Bears step on the brakes just short of the ATH #M1.




    Looking forward into this Week:

    Patterns:
    • On the Weekly Screen an 'Opening Whtie Marubozu' (Study Links herehere or elsewhere) #W1, is active.  
    Support & Resistance: 
    • 34 MVWAP #W1, and the Day Channel Middle #D1, are the supports that Bulls want want to stay above. Index has resistance at the ATH #M1.
    Moving Averages:
    • On the EOW, 5 EMA will cross the 13 SMA bullishly, if this week closes above 2114 #W1,
    Indicators:
    • STS 34 reaches the overbought mark, starting from oversold last week #D2.


    Wrap:
    Bulls, want to use current momentum to clear the ATH #M1
    Bears hope for life below the weekly 34 MVWAP #W1 and then the Daily 200 SMA #D1.