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Monday, September 21, 2015

S&P 500 - Triple Screen 'Technical Analysis' - Flag - Week 4 of September 2015.












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


Patterns:
  • The Pennant is seen on the Day Charts, morphs into a Flag #D1.  
  • A Pin bar forms on the Weekly Charts as a result #W1.
Support & Resistance:
  • Index took support above the 13 SMA on the Day Screen by weekend #D1 - it was resisted by the MVWAP 34 on the Daily Charts #D1 as studied.
Moving Averages:  
    • The 5 EMA and 13 SMA, on the day screen, are again crossed Bullishly by end of last week #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 give up their initial advantage to the Bears, by end week, to produce a Pin bar #W1.




    Looking forward into this Week:

    Patterns:
    • 'Flag' on the Day Chart is active (Study Links herehere or elsewhere) #D1.
    • 'Pin bar' on the Weekly Charts also worth a study (Study Links herehere or elsewhere) #D1.
    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 Orange Bottom of the Weekly Channel  #W1. 
    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, now seek resolution of the range defined by the Flag #D1, this week.