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Monday, January 11, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - 3 inside down - Week 2 of January 2016.










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


Patterns:.
  • 'Three inside down' pattern forms on the Weekly charts #W1.
Support & Resistance:
  • Index was resisted by the MVWAP34 on the Medium Term Screen #W1. Support was at the MVWAP34 on the Long Term Screen #M1.
Moving Averages:  
    • The 5 EMA on the Month Screen deflects bearishly below the 13 SMA #M1. 
    Indicators:
    • RSI 13, in the 40s  #W2.  


    Wrap:
    Bears after holding the index to a lower high, crack through the previous Day Channel Bottom #D1.
    Bulls keep index just above the long term MVWAP34 #M1.




    Looking forward into this Week:

    Patterns:
    • 'Three inside down' pattern (Study Links herehere or elsewhere) is active on the Medium Term Chart #W1.
    Support & Resistance: 
    • Day Channel bottom (pink) #D1 is likely support.  Previous high (2080) is resistance #D1,
    Moving Averages:
    • The 5 EMA on the Monthly Screen will cross bullishly above the 13 SMA, if the index closes above 2070 this month #M1.
    Indicators:
    • STS dives to the oversold #D2.


    Wrap:

    Bulls hope the support at the MVWAP34 #M1, shows them some green.

    Bears push to get some rewards of the 'Three inside down' pattern.