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Monday, January 25, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Pin bar - Week 4 of January 2016.













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


Patterns:.
  • More rewards from the 'Three inside down' pattern on the Weekly charts for the Bears as new lows are made #W1.
  • Bulls lock in above the '23.6% Fibonacci retrace from the ATH to the March 201low' with a green pin bar #W1.
Support & Resistance:
  • Index was resisted by the 13 SMA on the Day Screen #D1. Support was above the '23.6% Fibonacci retrace from the ATH to the 2008 (blue) low' #M1.
Moving Averages:  
    • The 5 EMA on all Screens stay crossed bearishly below the 13 SMA on all screens. 
    Indicators:
    • RSI 13, in the 30s  #W2.  


    Wrap:
    Bulls close the week above the '23.6% Fibonacci retrace from the ATH to the March 201low' with a green pin bar #W1.
    Bears prove a point, making a lower high (earlier) and a lower low (now) #W1.




    Looking forward into this Week:

    Patterns:
    • 'Three inside down' pattern (Study Links herehere or elsewhere) is active on the Medium Term Chart #W1.
    • 'Pin Bar candle' (Study Links herehere or elsewhere) is active on the Medium Term Chart #W1.
    Support & Resistance: 
    • 50 SMA on the Monthly chart is the next major support #M1. The 5 EMA on the Week Charts (1944) is  likely resistance #D1,
    Moving Averages:
    • The 5 EMA on the Monthly Screen will cross bullishly above the 13 SMA, only if the index closes above 2070 this month #M1.
    Indicators:
    • STS stays in the oversold #D2.


    Wrap:

    Bulls after kick off upwards, from support at the 
    '23.6% Fibonacci retrace from the ATH to the March 201low', seek more green with some help from the 'pin bar' #W1.
    Bears look to enforce a lower low with the momentum from the 'Three inside down' pattern.