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Monday, February 1, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Pin bar boost - Week 1 of February 2016.










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


Patterns:.
  • Bulls get a boost up with the Green Pin Bar of the previous week, last three candles on the Week Screen make a 'Three inside up' #W1.
  • Bears close January with an 'Opening Black Marubozu' #M1.
Support & Resistance:
  • Index was resisted by the 5 EMA on the Week Screen #W1. Support was at the '23.6% Fibonacci retrace from the ATH to the 2011 (orange) low' #W1.
Moving Averages:  
    • The 5 EMA on the Day Screen is crossed bullishly above the 13 SMA #D1. 
    Indicators:
    • RSI 13, is at divergence to the price  #W2.  


    Wrap:
    Bulls follow up the Green pin bar, with a 'Three Inside up' #W1.
    Bears, after a lower low, dig in with a long term 'Opening Black Marubozu' #M1.




    Looking forward into this Week:

    Patterns:
    • 'Opening Black Marubozu' (Study Links herehere or elsewhere) is active on the Long Term Chart #M1.
    • 'Three Inside up' pattern (Study Links herehere or elsewhere) is active on the Medium Term Chart #W1.
    Support & Resistance: 
    • '23.6% Fibonacci retrace from the ATH to the 2011 (orange) low' #W1, is the next major support. The 200 SMA on the Day Charts 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 2145 this month #M1.
    Indicators:
    • TSI on the Month Screen. descends from the 50% to the 38.2% Fibonacci retrace #M2.


    Wrap:

    Bulls above the 
    '23.6% Fibonacci retrace from the ATH to the March 201low', seek more green with help from the '
    Three Inside up#W1.
    Bears look to enforce the down trend with the 'Opening Black Marubozu' #M1.