Learning from last Week: (click here for the previous `post)
- Index at war on the Week Channel's Bottom Line, with a Bullish 'Three inside up' #W1 and a Bearish 'Opening Black Marubozu' in play #M1.
Support & Resistance:
- Index was again resisted by the 5 EMA on the Week Screen #W1. Support was again at the '23.6% Fibonacci retrace from the ATH to the 2011 (orange) low' #W1.
- The 5 EMA on the Day Screen is crossed bearishly below the 13 SMA on all screens.
- RSI 13, at divergence to the price, is almost at the over sold #W2.
Index closes weak, near support, after Bearish Long Term and Bullish Medium Term Candle patterns, the previous week #W1.
Looking forward into this Week:
- '23.6% Fibonacci retrace from the ATH to the 2008 (blue) low' #M1, is the next major support. The MVWAP34 on the Day Charts is likely resistance #D1,
- A Death Cross (50 & 200 SMA), is on the Day Screen #D1.
- TSI on the Month Screen. descends from the 50% towards the 38.2% Fibonacci retrace #M2.
Bulls around the '23.6% Fibonacci retrace from the ATH to the March 2011 low', seek an up move from support #W1.
Bears look to enforce the down trend with drive down to the '23.6% Fibonacci retrace from the ATH to the 2008 (blue) low' #M1 with help from January's'Opening Black Marubozu' #M1.