Learning from last Week: (click here for the previous post)
- Last week's candle was a 'High Wave' #W1, this action happened at the Neckline of the Head and Shoulder formation #D1 .
Support & Resistance:
- MVWAP34 on the day screen #D1, was the resistance last week the daily 222 SMA was near support.
- The critical 5 EMA, is bearishly below the 13 SMA, only on the Day Screen #D1.
- STS lands at the Over sold #D2.
Bears keep the index below the previous High #W1. Bulls closed the week, above the daily 222 SMA but allowed the formation of a bearish 'Head and Shoulder' on the day screen #D1.
Looking forward into this Week:
- 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.
- TSI is above the 50% mark #M2.
Bulls, look to fade the H&S formation, and make another attempt at making a higher high (2116+), keeping above the neckline of the H&S #D1.
Bears seek to break the index down to below the neckline of the H&S, and then the 222 SMA #D1.