Learning from last Week: (click here for the previous `post)
- Bears bring index down to the 50 SMA #D1, possible Head and Shoulder (H&S) pattern #D1, on the Day Chart.
- Index keeps above the Monthly 5 EMA & 13 SMA confluence #M1. After facing resistance near the last high (2116), index dives to the daily 50 SMA #D1.
- The critical 5 EMA, is below the 13 SMA, only on the Day Screen #D1.
- STS heads below the 50% mark #D2.
Bears keep the index below the previous High #W1. Bulls continue to hold above the daily 222 SMA and open the possibility of a H&S.
Looking forward into this Week:
- 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.
- TSI is above the 50% mark #M2.
Bears would want to contain the current rise, to complete a H&S #D1.