Tuesday, May 26, 2015

S&P 500 - Triple Screen 'Technical Analysis' - ATH Skirmish - Week 4 of May 2015.

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

  • Index peeps out of the Ascending Triangle, makes a new high, throws back to the old ATH, on its trip towards the Day Channel's top line #D1.
Support & Resistance:
  • Index closes at the previous ATH (All Time High) resistance #M1 & #D1, while support was around the 5 EMA on the EOD #D1.
Moving Averages:  
    • The all important, 5 EMA and 13 SMA, on the medium term screen, continue to stay deflected bullishly #W1.
    • RSI 13 is in the 50s #W2.

    Bulls struggle to keep it above the previous ATH #D1, while the Bears could not take it below the 5 EMA on the EOD #D1.

    Looking forward into this Week:

    • Ascending Triangle and its behaviour, (on the Day Chart) worth a study (Study Links herehere or elsewhere) #D1.
    • Bulls look to repeat History (re-look) #M1 & #M3, they need to break-out and stay above the Day Channel Top #D1 to help that cause.
    Support & Resistance: 
    • 5 EMA on the EOM (2063) #W1, is the Index Support that Bears want to get below. 
    • Bulls seek to clear the ATH line #M1 and the Day Channel top line 2151 #D1, this week.
    Moving Averages:
    • Bulls by closing this Week above 2040, get to keep the 5 EMA above the 13 SMA on the Weekly Charts  #W1.
    • TSI, support at the 61.8% Fibonacci retrace, good for the Bulls #M2.

    Bulls, back inside the ascending triangle, look for a breakout and a resumption of the Bull run #D1.
    Bears after hedging in the Bulls, look for a close below 2063 to get back in the red #M1.

    The Dow Jones - Ichimoku Study - ATH in red - Week 4 of May 2015.

    Introduction / Primer to Ichimoku can be read at this link (click). 

    Learning from the earlier Study: (click here for the post)

    After the Index found support at the Kijun Sen previously,it makes a new ATH last week #W2.
    Gap between the Tenkan Sen and Kijun Sen steady #W2.
    Senoku Span A & B, gap steady #W3.

    Wrap: Index makes a new All Time High (ATH), Bears manage a red week despite the ATH.

    Looking Forward into this Week:

    Bears eye the dwindling Thin Kumo #W2 (Study Links herehere or elsewhere) for an opportunity to dive into the Kumo.
    Cross of Tenkan Sen, to below the Kijun Sen, is next on Bear wishlist #W2.
    Chikou Span at current altitude, can meet up with the price line in a couple of months #W1.

    Wrap: Bulls look to make new ATHs, Bears eye the Thin Kumo to help bring the Index down #W2.