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Monday, August 10, 2015

S&P 500 - Triple Screen 'Technical Analysis' - Third Time's a Charm - Week 2 of August 2015.













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


Patterns:
  • Bullish Harami by the June and July candles fail to reward the Bulls - Third attempt at breaking below the 200 SMA on the Day charts in progress #D1.
Support & Resistance:
  • Index chose 2113 as the resistance last week - the daily 200 SMA provided exact support #D1.
Moving Averages:  
    • The 5 EMA and 13 SMA, in the medium term #W1, remain in a bearish deflection as the index closed below our mark, 2113, last week.
    Indicators:
    • RSI 13, meanders in the middle of the range for some time now #W2.

    Wrap:
    Bears stuck at the 200 SMA for the third time #D1. 
    Bears retain control of the Short term screen with a close below all 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) depending on the September candle #M1.
    Support & Resistance: 
    • Daily 200 SMA and the Day channel bottom #D1, are again the supports that Bulls want want to stay above. Index has resistance at 2116. 
    Moving Averages:
    • On the EOW, 5 EMA will stay deflected, off the 13 SMA bearishly, if this week closes below 2116 #W1,
    Indicators:
    • STS 34, stuck in the mid lands #D2.


    Wrap:
    Bulls, want to use current supports to get above 2116 #M1
    Bears again hope for a lower low below the Daily 200 SMA #D1 and a break below the Day channel bottom.