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Monday, May 23, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Neckline Wave - Week 4 of May 2016.








 




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


Patterns:
  • Last week's candle was a 'High Wave' #W1, this action happened at the Neckline of the Head and Shoulder formation #D1
Support & Resistance:
  • MVWAP34 on the day screen #D1, was the resistance last week the daily 222 SMA was near support.
Moving Averages: 
  • The critical 5 EMA, is bearishly below the 13 SMA, only on the Day Screen #D1.
Indicators: 
  • STS lands at the Over sold #D2.


Wrap:
Bears keep the index below the previous High #W1. Bulls closed the week, above the daily 222 SMA but allowed the formation of 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. 
  • Head & Shoulder Pattern (Study Links herehere or elsewhere) on the Day Chart, is active so long as the price stays below the neck line #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, look to fade the H&S formation, and make another attempt at making a higher high (2116+), keeping above the neckline of the H&S #D1.
Bears seek to break the index down to below the neckline of the H&S, and then the 222 SMA #D1.