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Monday, August 17, 2015

S&P 500 - Triple Screen 'Technical Analysis' - High Wave 2095 - Week 3 of August 2015.















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


Patterns:
  • High Wave on the Weekly charts as the Third attempt at breaking below the 200 SMA on the Day charts succeeds, but fleetingly. Bulls pull up the index from near the Channel bottom #D1.
Support & Resistance:
  • Our support near the Day channel bottom and the monthly 13 SMA #M1, sent the Bulls back to a stronger position near the Weekly 5 SMA (2095). 
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, 2116, last week.
    Indicators:
    • RSI 13, meanders in the middle of the range for some time now  #W2 - STS 34 joins this company #D1.

    Wrap:
    Bears break below the 200 SMA on the third  attempt, but fail to hold on #D1. 
    Bulls bounce back form the long term 13 SMA, to almost reach a critical 2095 by week close #D1.




    Looking forward into this Week:

    Patterns:
    • High Wave on the Medium Term Charts is active (Study Links herehere or elsewhere) #W1.
    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 2095 and the ATH. 
    Moving Averages:
    • On the EOW, 5 EMA will stay deflected, off the 13 SMA bearishly, if this week closes below 2095 #W1,
    Indicators:
    • STS 34, stuck in the mid lands #D2 along with the RSI 13 #W1.


    Wrap:
    Bulls, want to use current momentum to head out to the ATH #M1
    Bears want life below the Daily 200 SMA and Day Channel Bottom #D1.
    Both need to resolve 2095.