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Monday, July 27, 2015

S&P 500 - Triple Screen 'Technical Analysis' - ATH returns - Week 5 of July 2015.














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


Patterns:
  • After the 'Opening White Marubozu' of last week, Index makes a Higher High #D1, and then fall with the resistance at the ATH, to make an equally large red candle #W1.
Support & Resistance:
  • Index again gets support at the weekly 34 MVWAP #W1. The resistance was again shy of the All Time High (ATH) #M1.
Moving Averages:  
    • The 5 EMA and 13 SMA, in the medium term #W1, make a bearish deflection.
    Indicators:
    • RSI 13 meanders in the middle of the range for some time now #W2.

    Wrap:
    Bulls make a higher high, then fall back to support at the weekly MVWAP34 #W1. 
    Bears use the resistance at the ATH to get back control of the Short term screen #D1.




    Looking forward into this Week:

    Patterns:
    • With a week to go, the month candle resembles a High Wave (Study Links herehere or elsewhere) #M1 - worth a study.
    Support & Resistance: 
    • Daily 200 SMA #D1 and Monthly 13 SMA (2040), 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 stay deflected, off the 13 SMA bearishly, if this week closes below 2125 #W1,
    Indicators:
    • STS 34, hangs around the overbought mark, despite the tall red candle last week #D2.


    Wrap:
    Bulls, want to use current supports to get back to the ATH #M1
    Bears again hope for a lower low below the Daily 200 SMA #D1 and another month close below the long term 5 EMA (2072) #M1.