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Monday, May 9, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - H&S ? - Week 2 of May 2016.












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


Patterns: 


  • Bears bring index down to the 50 SMA #D1, possible Head and Shoulder (H&S) pattern #D1, on the Day Chart.
Support & Resistance:

  • Index keeps above the Monthly 5 EMA & 13 SMA confluence #M1. After facing resistance near the last high (2116), index dives to the daily 50 SMA #D1.
Moving Averages:  

  • The critical 5 EMA, is below the 13 SMA, only on the Day Screen #D1.

Indicators:

  • STS heads below the 50% mark #D2.



Wrap:

Bears keep the index below the previous High #W1. Bulls continue to hold above the daily 222 SMA and open the possibility of a H&S.





Looking forward into this Week:

Patterns:
  • Morning Star (Study Links herehere or elsewhere), is active on the Month Chart #M1. 
  • Possible, Head & Shoulder Pattern (Study Links herehere or elsewhere) on the Day Chart, has to be watched - for the right shoulder formation #D1. 
Support & Resistance: 

  • Last High (2116) continues to be the resistance to beat. The Daily 222 SMA, is still the support, that Bulls want to stay above #D1.
Moving Averages:


Indicators:

  • TSI is above the 50% mark #M2.



Wrap:
Bulls, hold the fall, to attempt another go at making a higher high (2116+), with the possibility of a H&S #D1.
Bears would want to contain the current rise, to complete a H&S #D1.




India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Throwback & Pullback - Week 2 of May 2016.






 




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

Patterns:
  • Evening Doji Star.pattern #W1, brings in another red week and takes the Throwback to target #D1. 
Support & Resistance:
  • 50 SMA on the weekly  screen #W1 was resistance. The rising channel on the day screen was support  #D1.
Moving Averages: 
  • The critical 5 EMA, is now bearishly below the 13 SMA, on the Day screen #D1.
Indicators:
  • The TRD #M2, is facing resistance at the mid point (50% Fibonacci).

Wrap:
Pullback to Week Channel bottom #W1 and Throwback to Day channel top #D1, produces a trading range.



Looking Forward into this Week:


Patterns:
  • Index is between the zone of "Throwback" to Day channel top #D1 and "Pull back" to Week channel bottom #W1 (Study Links herehere or elsewhere). This range to be resolved.
Support & Resistance:
  • Resistance is at 8040, the 'Fibonacci 76.4% retrace of the 2010 low to the ATH)'  #W1. Support is at the (red) Day Channel Top #D1.
Moving Averages: 
  • The Death Cross (50 and 200 SMA) has been active for the past 6+ months #D1.
Indicators:
  • The MACD is below its MA and its histogram is below the zero line, this is good for Bears #D2.


Wrap :
Bulls and bears seek resolution  of the current range as studied. 
Index being closer to the lower end of the range, bears hope for an upset #D1.