Learning from last Week: (click here for the previous post)
- The previous week, the index showed the Bulls a 'Piercing Pattern', last week saw rewards for the Bulls - a green week #W1.
- Index found support around the week channel bottom #W1, with resistance below the daily 50 SMA #D1.
- The critical 5 EMA and 13 SMA, stay crossed Bullishly on the Day Chart #D1.
- On the week charts the STS #W1, continues to dwell in the over sold zone, despite the recent green on the screen.
Bears defend the Daily 50 SMA #D1.
Looking Forward into this Week:
- Piercing Pattern (Study Links here, here or elsewhere) is active on the Medium Term Chart #W1.
- The Shooting Star, active (Study Links here, here or elsewhere) on the Month Screen #M1, needs attention as we head to the month end.
Support & Resistance:
- Index has immediate support at the S2 of the Month Pivot #M1. Resistance is at the daily 50 SMA #D1.
- The Death Cross (50 and 200 SMA) is active D1.
- The STS is in the oversold, a concern for the Bulls #W2.
Bears seek to shoot the index below the Week Channel bottom (green) line #W1.Bulls aim for life above the daily 50 SMA #D1.