Learning from last Week: (click here for the previous post)
- After the long green candle of the previous week, Bulls pause with a Doji #W1.
Support & Resistance:
- Index took support just above the 5 EMA on the Weekly Chart #W1 - it again failed to pierce the week Channel's bottom (orange) #W1.
- The 5 EMA and 13 SMA, on Monthly Screen look ready to cross bullishly, once the December candle is up - at current levels #M1.
- RSI 13, spikes above the 60% mark #W2.
Bears keep the index below the Week Channel bottom (orange) #W1.Undecided Bulls produce a doji #W1.
Looking forward into this Week:
- 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,
- Death Cross on the EOD, is active as long as the 50 SMA and the 200 SMA stay crossed Bearishly (Study Links here, here or elsewhere) #D1,
- STS back to the oversold #W2.
Bulls continue to See rewards in 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 produce an Evening Doji Star #D1.