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Monday, August 24, 2015

S&P 500 - Triple Screen 'Technical Analysis' - Marubozu - Week 4 of August 2015.














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


Patterns:
  • High Wave on the Weekly charts the previous week, is followed by resolution of 2095 , with Bulls holding above this level earlier in the week. Once Bears closed below 2095, it was a a massive crash to a new low for this year, with a Weekly 'Closing Black Marubozu' #W1.
Support & Resistance:
  • Support finally came with a close near 1978 (the point where the 5 EMA and 13 SMA cross Bearishly on the Month Charts #M1). Resistance for the Bears was our mark 2095
Moving Averages:  
    • The 5 EMA and 13 SMA, on all screens, show a bearish cross.
    Indicators:
    • RSI 13, after meandering in the middle of the range for a year #W2, finally reaches the oversold.  

    Wrap:
    Bears after a futile break below the 200 SMA, the previous week #D1, returned this week, to crash the index below all channels and MAs we track. 
    Bulls hung out above out mark 2095, earlier in the week - but with a straight fall to 1971, they have lost the plot.




    Looking forward into this Week:

    Patterns:
    • Closing Black Marubozu, on the Medium Term Charts is active (Study Links herehere or elsewhere) #W1.
    Support & Resistance: 
    • MVWAP 34 on the long term screen (around 1850) #M1 is the support that Bulls want to stay above. Index has resistance at the previous Weekly Channel bottom line (Orange) #W1. 
    Moving Averages:
    • On the EOM, the 5 EMA and the 13 SMA, will maintain a Bullish Cross, if this month closes above 1978 #W1,
    Indicators:
    • TSI touches the 50% retrace #M2.


    Wrap:
    Bulls want life back inside the Week Channel #W1
    Bears look to drive down to the monthly MVWAP34 #M1.