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Monday, November 23, 2015

US - S&P 500 - Triple Screen 'Technical Analysis' - Bull Attack.- Week 4 of November 2015.













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


Patterns:
.
  • After the Bearish Marubozu of the previous week, Bulls make up the lost ground with a long green candle #W1.
Support & Resistance:
  • Index took support just above the 50 SMA on the Day Chart #D1 - it stopped and returned exactly at the week Channel's bottom (orange) #W1.
Moving Averages:  
    • The 5 EMA and 13 SMA, on Monthly Screen alone is crossed Bullishly - and will stay that way until index closes clears 2112 #M1.
    Indicators:
    • RSI 13, spikes above the 50% mark  #W2.  


    Wrap:
    Bears manage to defend the Week Channel bottom (orange) #W1.
    Bulls make a tall green candle and clear the 200 SMA #D1.




    Looking forward into this Week:

    Patterns:
    • The 'W' pattern on the Day Chart is still active (Study Links herehere or elsewhere) #D1.
    Support & Resistance: 
    • 200 SMA on the day chart, is now the Index support, that Bears want to get below. Index Resistance is the Week Channel's Bottom line (orange) #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:
    • STS back to the oversold #W2.


    Wrap:

    Bulls seek the rewards of the big 'W' pattern #D1, with a breakout from the ATH #M1.

    Bears want to use the resistance at the Week Channel bottom (orange) #W1 to take the index back into the Day Channel #D1.