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Monday, October 19, 2015

US - S&P 500 - Triple Screen 'Technical Analysis' - 'W' Continues. - Week 3 of October 2015.













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


Patterns:
  • 'W' pattern on the EOD chart firms up further #D1.
  • On the Medium Term Screen, Index is seen on a 'Pull back' to the Week Channel's (orange) bottom line #W1.
Support & Resistance:
  • Index took support at the 50 SMA on the Day Chart all week #D1 - it was resisted near the MVWAP35 on the Weekly Charts #W1.
Moving Averages:  
    • The 5 EMA and 13 SMA, on the Month screen are Crossed Bearishly #M1.
    Indicators:
    • RSI 13, after lift off, from the oversold line, almost at the 50% mark #W2.  


    Wrap:
    Bulls hammer their way to above the 2K mark.
    Bears stop the index near the weekly MVWAP35 #W1.




    Looking forward into this Week:

    Patterns:
    • Pullback to Channel Bottom (Study Links herehere or elsewhere) #W1 and 'W' on the Day Chart are active (Study Links herehere or elsewhere) #D1.
    • Both seem to be headed for a confluence, around the same target area on the chart.
    Support & Resistance: 
    • MVWAP35 on the long term screen #M1 (once again) is the support that Bulls want to stay above. Index has resistance at the 200 SMA on the Day chart #D1
    • The 5 EMA and 13 SMA, on the Month screen will cross Bullishly if the index closes above 2161 #M1.
    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:
    • STS is Oversold #W2.


    Wrap:

    Bulls push to reach the target for a big 'W' pattern #D1.
    Bears look to defend 2161 and retain control of the long term screen #M1.