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Monday, May 16, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - H&S ! - Week 3 of May 2016.









 




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


Patterns: 


  • Bears close the index at the 50 SMA #D1, index makes the right shoulder perfectly and is almost at the neckline of the Head and Shoulder (H&S) pattern #D1, on the Day Chart
Support & Resistance:

  • Index closes at the Daily 50 SMA #D1. After facing resistance at the daily 13 SMA #D1.
Moving Averages:  

  • The critical 5 EMA, is bearishly below the 13 SMA, only on the Day Screen #D1.

Indicators:

  • STS below the 50% mark #D2.



Wrap:

Bears keep the index below the previous High #W1. Bulls continue to hold above the daily 222 SMA but almost allow a bearish 'Head and Shoulder' on the day screen #D1.





Looking forward into this Week:

Patterns:
  • Morning Star (Study Links herehere or elsewhere), is active on the Month Chart #M1. 
  • Possible, Head & Shoulder Pattern (Study Links herehere or elsewhere) on the Day Chart, next watch for the neck line break #D1. 
Support & Resistance: 

  • Last High (2116) continues to be the resistance to beat. The Daily 222 SMA, is still the support, that Bulls want to stay above #D1.
Moving Averages:


Indicators:

  • TSI is above the 50% mark #M2.



Wrap:
Bulls, still good to attempt another go at making a higher high (2116+), keeping above the neckline of the H&S #D1.
Bears would want to break down below the neckline of the H&S and then the 222 SMA #D1.