Learning from last Week: (click here for the previous post)
- November and December 2014 candles on Month screen #M1, formed a 'Bearish Engulfing' which failed to make make it to a 'Three Outside Down' as of now #M1.
- Bulls pull index up to a new ATH this month, engulfing the December 2014 candle as of now #M1.
- Index closes above all the MAs that we track.
- Bulls approaches the R2 on the month pivot #M1.
- The critical 5 EMA and 13 SMA on the EOW, cross Bullishly #D1.
- STS stays in the over bought #W2.
Bulls after keeping above our mark of 8283 early in the month, breakout to make new ATH - Bears are now defending the new ATH or R2 on the Month Pivot #M1.
Looking Forward into this Week:
- 'Bearish Engulfing' on the Monthly Charts becoming a 'Three Outside Down', is now as remote, as that of January closing below 8283 (Study Links here, here or elsewhere) #M1.
- 'Bullish Engulfing' of January Candle over December 2014 (Study Links here, here or elsewhere) is on, if this month's candle closes above 8606 #M1.
Support & Resistance:
- Index resistances that the Bulls would want to get above this week, are the current ATH (8866) and R2 on the Monthly Pivot #M1
- Support Levels that the Bears would love to get below, are 8606 and 8283.
- STS, moving below the overbought, would pause the 3+ quarter long, Bull domination of the Medium and Long Term Screens #W2.
Wrap :Staying above 8606, Bulls look to carry on into the next month with strength #M1.
Bears need to pick up the fight afresh, with a move below the 5 EMA on the EOD #D1.