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Monday, August 3, 2015

S&P 500 - Triple Screen 'Technical Analysis' - Bull Edge - Week 1 of August 2015.













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


Patterns:
  • Bullish Harami by the last two month candles on the Long Term Charts #M1, gives the Bulls a small Edge over the Bears, in a row of flat Month candles.
Support & Resistance:
  • Index rises into the green from our supports, the monthly 13 SMA #M1 and Daily 200 SMA #D1. The close was just above the weekly 13 SMA #W1.
Moving Averages:  
    • The 5 EMA and 13 SMA, in the medium term #W1, remain in a bearish deflection.
    Indicators:
    • RSI 13 meanders in the middle of the range for some time now #W2.

    Wrap:
    Bulls after the higher high previously, make a higher low #D1. 
    Bears retain control of the Short term screen with a close below most daily MAs #D1.




    Looking forward into this Week:

    Patterns:
    • Bullish Harami on the Long Term Charts is active - has potential to turn into a Three inside up (Study Links herehere or elsewhere) #M1.
    Support & Resistance: 
    • Daily 200 SMA #D1 and Monthly 13 SMA (2054), are again 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 2113 #W1,
    Indicators:
    • STS 34, returns from the mid point #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 aim for a weekly close below 2113 #W1.