Learning from last Week: (click here for the previous post)
- The Flag seen on the Daily Chart, yet to resolve completely - advantage Bears as of last week #D1.
- The Pin bar that formed the previous week, produces a long red candle #W1.
Support & Resistance:
- Index took support around the previous low #D1 - it was resisted by the 13 SMA on the Daily Charts #D1.
- The 5 EMA and 13 SMA, on the day screen, is now crossed Bearishly #D1.
- RSI 13, after meandering in the middle of the range for a year, is struggling to make bounce off the oversold line #W2.
Bears regain control of all three screens by end week, Bulls hold off at the last low #W1.
Looking forward into this Week:
- MVWAP 34 on the long term screen (once again) is the support that Bulls want to stay above #M1. Index has resistance at the Orange Bottom of the Weekly Channel #W1.
- Death Cross on the EOD, is active as long as the 50 SMA and the 200 SMA stay crossed Bearishly (Study Links here, here or elsewhere) #D1,
- TSI slips below the 50% retrace #M2.