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Monday, February 29, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Pin Bar? - Week 1 of March 2016.










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


Patterns:.

  • Index shows a Pin Bar candle for February 2016, with one day to go #M1.
Support & Resistance:
  • Index was resisted around the 13 SMA on the Weekly Screen as studied #W1. Support came near the 5 EMA on the Day Screen #D1.
Moving Averages:  
    • The 5 EMA on the Day Screen is crossed bullishly above the 13 SMA on the Day Screen #D1.
    Indicators:
    • TSI on the Month Screen. descends from the 50% towards the 38.2% Fibonacci retrace #M2.


    Wrap:
    The Month candle resembles a Pin Bar, after double bottom on the day screen #D1.




    Looking forward into this Week:

    Patterns:
    • 'Opening Black Marubozu' (Study Links herehere or elsewhere) is active on the Long Term Chart #M1.
    • Pin Bar Candle (Study Links herehere or elsewhere) is possible on the Month Screen #M1.
    Support & Resistance: 
    • '23.6% Fibonacci retrace from the ATH to the 2011 (orange) low' #M1, is the immediate support. The 34 MVWAP on the Week Charts is  next resistance #W1,
    Moving Averages:
    • Death Cross (50 & 200 SMA), is on the Day Screen.
    Indicators:
    • TSI on the Month Screen. getting back above the 50% important for Bulls #M2.


    Wrap:

    Bulls above support,
     invade the Week channel
     #W1 and look to make a Pin Bar for February.

    Bears look to re-start the down trend, with help from January's'Opening Black Marubozu' #M1.