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Monday, April 11, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Stars - Week 2 of April 2016.












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


Patterns: 

  • Bears force a red week, with a lower low in mind #W1.
  • First three candles of this year, form a Morning Star, the last candle on the screen (April) is a Doji currently #M1.
Support & Resistance:
  • Index stays below 2075 the recent high #D1, which was  resistance. Support was the 55 SMA on the weekly screen #W1.
Moving Averages:  
    • The critical 5 EMA, is poised to cross bullishly or deflect bearishly with the 13 SMA, on the Day Screen #D1.
    Indicators:
    • STS remains in the over sold zone #D1.


    Wrap:
    Bears keep index below the previous High #W1. Bulls continue to hold it above the daily 222 SMA.




    Looking forward into this Week:

    Patterns:
    • Morning Star (Study Links herehere or elsewhereactive on the Month Chart #M1.
    Support & Resistance: 
    • Last High (2116) is the immediate resistance. The Daily 222 SMA, is the immediate support #D1.
    Moving Averages:
    • Death Cross (55 & 222 SMA), is active on the Day Screen.
    • The critical 5 EMA, is poised to cross bearishly or deflect bullishly with the 13 SMA, on the Day Screen on first trading day of this week - level to watch for the day is 2054 #D1.
    Indicators:
    • RSI 13 almost at the oversold line #W2.


    Wrap:
    Star struck Bulls, eye a higher high and a rush to the ATH #W1.
    Bears look to slip below the Fork #D1, and go about making a lower low below the 222 SMA.




    India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Channel Top Stops - Week 2 of April 2016.










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

    Patterns:
    • Index dives deeper after being stopped at the top line of the Day Channel, Bears get a bigger red week #D1.
    • March Candle is an 'Opening White Marubozu' #M1.
    Support & Resistance:
    • The March Pivot #M1, was support and the Day Channel Top was once again the resistance last week #D1.
    Moving Averages: 
    • The critical 5 EMA and 13 SMA, cross Bearishly on the day screen #D1.
    Indicators:
    • On the week charts the STS #W1, is just under the 50 mark.

    Wrap:
    Pullback to Week Channel bottom in progress, Day Channel Top resistance in the way #D1.



    Looking Forward into this Week:

    Patterns:
    • 'Opening White Marubozu' (Study Links herehere or elsewhere) is active on the Long Term chart #M1.
    • Channel Top, is now the resistance on the Day Chart #D1. Channels, worth a study.(Study Links herehere or elsewhere
    Support & Resistance:
    • Bulls aim for the resistance at 8040, the 'Fibonacci 76.4% retrace of the 2010 low to the ATH)'  and close to the Pullback target #W1.
    • Next Support is the Daily 50 SMA #D1,  Bears would want life under 7367, the 'Fibonacci 61.8% retrace of the 2010 low to the ATH)' to keep current downward traction #W1.
    Moving Averages: 
    • The Death Cross (50 and 200 SMA) has been active for the past 6+ months #D1.
    Indicators:
    • The TRD staying above the 38.6% Fibo, for the month, helps the Bull cause #M2.


    Wrap :
    Bulls see the Pullback from the Weekly 200 SMA, to the Week Channel Bottom #W1 continuing, once the index sustains above the daily 5 EMA #D1.
    Bears seek a deep dive, to below 7367, to take the index to the bottom of the Day Channel #D1.