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Monday, October 24, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Bulls Fight - Week 4 of October 2016.











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

Patterns:
Index manages to get back into the Day Fork after falling off #Daychart1, making an inside week in the process #Weekchart1, and closing above our mark 2141.

Support & Resistance:
Resistance was again at the daily 13MA #DayChart1. Support near the bottom Tyne of the Day Fork #Daychart1.

Moving Averages:
The critical EMA 5, is bullishly above the MA 13, only on the Month Chart (landing 1909 for Oct'16) #Monthchart1.

Indicators:
The RSI is near the center of the range #WeekChart2.



Wrap:
Bulls hold the Action above the bottom Tyne of the Day Fork #DayChart and make a green week.






Looking forward into this Week:

Patterns:
'Evening Star' Pattern (Study Links here, here or elsewhere) is active on the Long term charts #MonthChart1.

Support & Resistance:
Bottom Tyne of the Day Fork is support #DayChart1. Middle Tyne of the Fork on the Week chart is resistance #WeekChart1.

Moving Averages:
5 EMA on the Month chart i,e, 2141, is the mark, that the  Bulls want to stay above, this month #MonthChart1.

Indicators:
TSI returns from resistance at the 74% Fibonacci mark #MonthChart2.


Wrap:
Bulls after allowing an Evening Star #MonthChart1, get a save, closing above 2141.
Bears want to keep below the middle Tyne of the Week Fork, and aim for life below 2116.