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Monday, April 25, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Forked - Week 4 of April 2016.













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


Patterns: 

  • Index lands at the Fork's bottom Tyne again, Bulls under pressure #D1.
  • Index feels the power of the Morning Star #M1, with another green week #W1.
Support & Resistance:
  • Index keeps above the daily 5 EMA all week. Resistance near the last high (2116), helps the Bears stall the up-move #D1.
Moving Averages:  
  • The critical 5 EMA, is below the 13 SMA, only on the Month Screen #M1.
Indicators:
  • STS remains in the over sold zone #D1.


Wrap:
Bears again keep the index below the previous High #W1. Bulls under pressure but continue to hold above the daily 222 SMA.




Looking forward into this Week:

Patterns:
  • Morning Star (Study Links herehere or elsewhere), is active on the Month Chart #M1.
Support & Resistance: 
  • Last High (2116) is the resistance to beat. The Daily 222 SMA, is the support, that Bulls want to stay above. if they slip off the fork #D1.
Moving Averages:
  • Death Cross (55 & 222 SMA), is active on the Day Screen.
Indicators:
  • TSI is above the 50 mark #M2.


Wrap:
Star struck Bulls, aim for a higher high (2116+) and a move to the ATH #W1.
Bears look set to slip below the Fork, this week and ensure a lower high (2116-) #D1.