Tuesday, February 16, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Double Bottom Drama - Week 3 of February 2016.

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


  • Bulls hold the fort with a double bottom #D1.

Support & Resistance:

  • Index was resisted exactly at the '23.6% Fibonacci retrace from the ATH to the 2011 (orange) low' #W1.. Support came near the Day channel Bottom equaling an earlier bottom #D1.
Moving Averages:  
    • The 5 EMA on the Day Screen is crossed bearishly below the 13 SMA on all screens. 
    • RSI 13, at divergence to the price, is almost at the over sold  #W2.  

    Index closes weak, below support, but after bouncing off a double bottom #D1.

    Looking forward into this Week:

    • 'Opening Black Marubozu' (Study Links herehere or elsewhere) is active on the Long Term Chart #M1.
    • 'Double Bottom' Chart pattern (Study Links herehere or elsewhere) is active on the Day Screen #D1.
    Support & Resistance: 
    • '23.6% Fibonacci retrace from the ATH to the 2008 (blue) low' #M1, is the next major support. The MVWAP34 on the Day Charts is  likely resistance #D1,
    Moving Averages:
    • Death Cross (50 & 200 SMA), is on the Day Screen #D1.
    • TSI on the Month Screen. descends from the 50% towards the 38.2% Fibonacci retrace #M2.


    Bulls below the 
    '23.6% Fibonacci retrace from the ATH to the March 2011 (orange) low', seek an up move after bouncing off the double bottom

    Bears look to enforce the down trend with drive down to the '23.6% Fibonacci retrace from the ATH to the 2008 (blue) low' #M1  with help from January's'Opening Black Marubozu' #M1.