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Monday, September 28, 2015

US - S&P 500 - Triple Screen 'Technical Analysis' - Flag 2 - Week 5 of September 2015.










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


Patterns:
  • 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.
Moving Averages:  
    • The 5 EMA and 13 SMA, on the day screen, is now crossed Bearishly #D1.
    Indicators:
    • RSI 13, after meandering in the middle of the range for a year, is struggling to make bounce off the oversold line #W2.  


    Wrap:
    Bears regain control of all three screens by end week, Bulls hold off at the last low #W1.




    Looking forward into this Week:

    Patterns:
    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 full resolution of the range defined by the Flag #D1, this week.