Learning from last Week: (click here for the previous `post)
- 'Three inside down' pattern on the Weekly charts, works for the Bears #W1.
- Index in and around Channel Bottoms on the Week and Day Screens #W1 and #D1.
Support & Resistance:
- Index was resisted by the 5 EMA on the Day Screen #D1. Support was at the '23.6% Fibonacci retrace from the ATH to the March 2011 low' #W1.
- The 5 EMA on the Month Screen stays deflected bearishly below the 13 SMA #M1.
- RSI 13, in the 30s #W2.
Bulls hold the fall near the '23.6% Fibonacci retrace from the ATH to the March 2011 low' #W1.Bears keep the index below the 5 EMA on the Day Chart all week #D1.
Looking forward into this Week:
- 50 SMA on the Monthly chart is the next major support #M1. The 5 EMA on the Week Charts (1963) is likely resistance #D1,
- The 5 EMA on the Monthly Screen will cross bullishly above the 13 SMA, only if the index closes above 2070 this month #M1.
- STS stays in the oversold #D2.
Bulls hope to kick off upwards, from the '23.6% Fibonacci retrace from the ATH to the March 2011 low' #W1.
Bears look to keep moving down and squeeze some more rewards from the 'Three inside down' pattern.