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Monday, March 28, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Three inside down? - Week 5 of March 2016.













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


Patterns:.

  • Bears finally get a red candle and a Bearish Harami, last week #W1.
Support & Resistance:
  • Index slipped below and was resisted by the middle tine of the fork #D1, for most of the week. Support came in at the 13 SMA on the same screen #D1.
Moving Averages:  
    • The critical 5 EMA, remains crossed bullishly above the 13 SMA, on the Day and Week Screens #D1.
    Indicators:
    • STS remains in the over sold zone #D1.


    Wrap:
    Bears manage a Bearish Harami #W1. Bulls hold it above the daily 13 SMA.




    Looking forward into this Week:

    Patterns:
    • Pin Bar Candle's effect (Study Links herehere or elsewhere) is active on the Month Screen #M1.
    • Three inside down on the Weekly Charts possible (Study Links herehere or elsewhere) #W1.
    Support & Resistance: 
    • Last week's close (2036) and the middle prong for the fork #D1 are the immediate resistances. The lower prong of the Fork #D1, and the weekly 5 EMA (2000) are the immediate supports.
    Moving Averages:
    • Death Cross (55 & 222 SMA), is active on the Day Screen.
    Indicators:
    • RSI 13 going above the 50% mark, is important for the Bull up move #W2.


    Wrap:

    Bulls dominant, 
    after the long term Pin Bar, still look at making a higher high 
    #W1.
    Bears want a lower high, and resumption of the down move, with help from the Bearish Harami #W1.