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Tuesday, May 31, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Marubozu - Week 1 of June 2016.







 




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


Patterns: 

Previous week's candle, a 'High Wave', is followed by a large 'Closed White Marubozu' #W1. H&S formation is history.

Support & Resistance: 

Middle Tyne of the fork on the day screen #D1, was the resistance last week, The weekly 5 EMA was the nearest support.

Moving Averages:

The critical 5 EMA, is bullishly above the 13 SMA, on all screens.

Indicators:  

STS touches the Over bought #D2.


Wrap:
 

Bears again keep the index below the previous High #W1. Bulls have a huge green week #W1.




Looking forward into this Week:


Patterns: 

'Closed White Marubozu' (Study Links here, here or elsewhere), is active on the Week Chart #W1.

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: 

The 55 & 222 SMA, is a in a 'Golden Cross' on the Day Screen #D1.

Indicators:
 

TSI is facing resistance at the 61.8% mark #M2.


Wrap: 

Bulls, after fading the H&S formation, are making another attempt at a higher high (2116+) #W1.
Bears aim to return the Index at the middle tyne of the fork #D1.