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Monday, August 31, 2015

S&P 500 - Triple Screen 'Technical Analysis' - Pin Bar - Week 1 of September 2015.















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


Patterns:
  • The 'Closing Black Marubozu' of the previous week produces deep dive and  a come back, resulting in a pin bar candle for last week #W1.
Support & Resistance:
  • Support was at the MVWAP 34 as marked on the Month Screen #M1 and exactly as studied in the previous post. Resistance for the Bears (at week close) was around the previous low, marked by the mid-line of the Day Channel #D1.
Moving Averages:  
    • The 5 EMA and 13 SMA, on the month screen, shows a bullish cross with one day to go, for month close #M1.
    Indicators:
    • RSI 13, after meandering in the middle of the range for a year #W2, finally goes oversold and now points up.  

    Wrap:
    Bears continue their dive from the previous week, run into our mark, the MVWAP34 on the EOM, and then return the index to the previous low #D1.
    Bull action produces a pin-bar for the week #W1.




    Looking forward into this Week:

    Patterns:
    • Pin-bar candle on the Medium Term Charts is active (Study Links herehere or elsewhere) #W1.
    Support & Resistance: 
    • MVWAP 34 on the long term screen (once again) is the support that Bulls want to stay above #M1 . Index has resistance at the daily 200 SMA  #D1. 
    • We have a new and less steep, Month Channel (blue) #M1.
    Moving Averages:
    • On the EOM, the 5 EMA and the 13 SMA, will maintain a Bullish Cross, if August 2015, closes above 1978 #W1,
    Indicators:
    • TSI is near the 50% retrace #M2.


    Wrap:
    Bulls look to use the pin-bar to catapult their way back above the daily 200 SMA.
    Bears look to force their way below the monthly MVWAP34 #M1.