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Monday, November 2, 2015

US - S&P 500 - Triple Screen 'Technical Analysis' - High Wave. -Week 1 of November 2015.










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


Patterns:
  • Index attempts to get back into the (orange) Week Channel #W1, High Wave Candle produced last week as a result #W1.
Support & Resistance:
  • Index took support at the 200 SMA on the Day Chart #D1 - it failed to close above the 'Orange' Channel Bottom line #W1.
Moving Averages:  
    • The 5 EMA and 13 SMA, on all the Month Screen is crossed Bearishly - and will stay that way until index closes above 2112 #M1.
    Indicators:
    • RSI 13, after lift off, from the oversold line, back to hanging around the 50% mark  #W2.  


    Wrap:
    Bulls make a High Wave in attempting to cross into the Week Channel #W1.
    Bears force a close just below the Week Channel's Bottom (orange line) #W1.




    Looking forward into this Week:

    Patterns:
    • High Wave candle active on the Medium Term Screen (Study Links herehere or elsewhere) #W1.
    • The 'W' pattern on the Day Chart is active (Study Links herehere or elsewhere) #D1
    Support & Resistance: 
    • 200 SMA on the day chart, is the support that Bulls want to stay above. Index has resistance at the (All Time High) ATH #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 staying in the oversold, keeps pressure on the Bears #W2.


    Wrap:

    Bulls now seek the rewards of the big 'W' pattern #D1, with a breakout to the ATH #M1.
    Bears look to defend last week's close around the Week Channel's bottom, and force the index below the 200 SMA #D1.