Learning from last Week: (click here for the previous `post)
- Index shows a Pin Bar candle for February 2016, with one day to go #M1.
- Index was resisted around the 13 SMA on the Weekly Screen as studied #W1. Support came near the 5 EMA on the Day Screen #D1.
- The 5 EMA on the Day Screen is crossed bullishly above the 13 SMA on the Day Screen #D1.
- TSI on the Month Screen. descends from the 50% towards the 38.2% Fibonacci retrace #M2.
The Month candle resembles a Pin Bar, after double bottom on the day screen #D1.
Looking forward into this Week:
- '23.6% Fibonacci retrace from the ATH to the 2011 (orange) low' #M1, is the immediate support. The 34 MVWAP on the Week Charts is next resistance #W1,
- A Death Cross (50 & 200 SMA), is on the Day Screen.
- TSI on the Month Screen. getting back above the 50% important for Bulls #M2.
Bulls above support, invade the Week channel #W1 and look to make a Pin Bar for February.
Bears look to re-start the down trend, with help from January's'Opening Black Marubozu' #M1.