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Monday, October 5, 2015

US - S&P 500 - Triple Screen 'Technical Analysis' - Hammer - Week 1 of October 2015.










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


Patterns:
  • Last week's action produced a green 'Hammer' candle #W1.  
  • Index is attempting a Higher Low #D1.
Support & Resistance:
  • Index took support almost at the previous low #D1 - it was resisted by the 5 EMA on the Weekly Charts #D1.
Moving Averages:  
    • The 5 EMA and 13 SMA, on the day screen, poised to deflect Bearishly or Cross Bullishly #D1.
    Indicators:
    • RSI 13, after meandering in the middle of the range for a year, is attempting a life off from the oversold line #W2.  


    Wrap:
    Bulls retake control of the short term screen.
    Bears fail to make a lower low #D1.




    Looking forward into this Week:

    Patterns:
    • 'Hammer' on the Week Chart is active (Study Links herehere or elsewhere) #D1.
    Support & Resistance: 
    • MVWAP 34 on the long term screen #M1 (once again) is the support that Bulls want to stay above. Index has resistance at the 13 SMA on the medium term screen #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 flattens below the 50% retrace #M2.


    Wrap:
    Bulls sense hope and seek to hammer their way to above the 2K mark.
    Bears seek to spend the rest of the month below the MVWAP 34 #D1 and then #M1.