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Monday, September 14, 2015

S&P 500 - Triple Screen 'Technical Analysis' - Pennant - Week 3 of September 2015.














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


Patterns:
  • The 'Opening Black Marubozu' on the Medium Term Charts studied last, gives the Index a continuation with an inside week #W1.
  • The Pennant is seen on the Day Charts, as a result of the above #D1.  
Support & Resistance:
  • Index took support above the 5 EMA and 13 SMA on the Day Screen by weekend #D1 - it was resisted by the 5 EMA on the Weekly Chart #W1.
Moving Averages:  
    • The 5 EMA and 13 SMA, on the day screen, are crossed Bullishly #D1.
    Indicators:
    • RSI 13, after meandering in the middle of the range for a year, is currently attempting a bounce off the oversold line #W2.  

    Wrap:
    Bulls and Bears exchange dominance thro' the week, to produce a Pennant #D1.




    Looking forward into this Week:

    Patterns:
    • 'Pennant' on the Day Chart 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 MVWAP 34  #D1. 
    Moving Averages:
    • Death Cross on the EOD, is active as long as the 50 SMA and the 200 SMA stay crossed Bearishly (Study Links herehere or elsewhere) #D1,
    Indicators:
    • TSI slips below the 50% retrace #M2.


    Wrap:
    Bulls and Bears seek resolution of the range defined by the Pennant #D1, this week.