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Monday, August 29, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Evening Star? - Week 1 of September 2016.



 

 




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

Patterns:

'High Wave' candle of the previous week gives the Bears another red week #WeekChart1.

Support & Resistance:
 
Middle Tyne of the Fork on the Weekly chart was the support #WeekChart1. Middle Tyne of the Fork on the Daily chart was resistance by weekend #DayChart1.

Moving Averages:
The critical EMA 5, is bullishly above the MA 13, on all except the Day Chart
#DayChart1.

Indicators:
The STS slips from the oversold #
DayChart2.

Wrap:

Index, indecisive after a High Wave candle, goes red. Bulls hold our Support line #WeekChart1. 





Looking forward into this Week:

Patterns: 

After 5 Months with Green Candles, and 3 days to month close, Bulls would want to remove the red on the August candle, 'Evening Star' Pattern (Study Links here, here or elsewhere) however can appear by then #MonthChart1. 

Support & Resistance:
Middle Tyne of the Fork on the Weekly chart is support #WeekChart1. Middle Tyne of the Fork on the Daily chart is resistance #DayChart1.
 
Moving Averages:
The 5 EMA on the Week screen falls at 2172 a level the bulls need to get to and remain above
#WeekChart1.
 
Indicators:
TSI near resistance at the 74% Fibonacci mark #MonthC
hart2.

Wrap:
Bulls, want to prevent red on this Month's Candle. Bears hope, that either way they get an 'Evening Star' going #MonthChart1.