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Monday, February 22, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Double Bottom Rewards - Week 4 of February 2016.











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


Patterns:.

  • Bulls after making a double bottom #D1, the previous week take the index to the Week Channel Bottom, with a long green Marubozu #W1.
Support & Resistance:
  • Index was resisted around the MVWAP 34. Support came near 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 on the Day Screen #D1.
    Indicators:
    • RSI 13, at divergence to the price, is almost at the over sold  #W2.  


    Wrap:
    Index closes stronger, above support, after bouncing off a double bottom #D1.




    Looking forward into this Week:

    Patterns:
    • 'Opening Black Marubozu' (Study Links herehere or elsewhere) is active on the Long Term Chart #M1.
    • 'Double Bottom' Chart pattern (Study Links herehere or elsewhere) is active on the Day Screen #D1.
    Support & Resistance: 
    • '23.6% Fibonacci retrace from the ATH to the 2011 (orange) low' #M1, is the immediate support. The 13 SMA on the Week Charts is  immediate resistance #W1,
    Moving Averages:
    • Death Cross (50 & 200 SMA), is on the Day Screen #D1.
    Indicators:
    • TSI on the Month Screen. descends from the 50% towards the 38.2% Fibonacci retrace #M2.


    Wrap:

    Bulls above support,
     after bouncing off the double bottom, look to invade the Week channel
     #W1.

    Bears look to re-enforce the down trend, using he resistance at the Week Channel and with help from January's'Opening Black Marubozu' #M1.