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Monday, January 9, 2017

US - S&P 500 - Triple Screen 'Technical Analysis' - Sandwich time? - Week 2 of January 2017.









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


Patterns: 

The Index takes off from support near the middle Tyne of the Medium Term Chart, to make another new ATH (All Time High) #Weeklychart.

Support & Resistance: 

The Index takes off from support near the Middle Tyne of the Weekly Fork and at the 5 EMA #Weeklychart. Index make a new ATH and is almost at the Monthly Channel Top #Monthlychart.

Moving Averages: 

The critical EMA5, is bullishly above the MA13, on all except the Day Screen. 

Indicators: 
The RSI knocks on the oversold again #WeeklyChart. 


Wrap:
 
Index takes off from support  near the Weekly fork's middle tyne and makes a new ATH #Weeklychart.




Looking forward into this Week:



Patterns:
 
Last two candles on the #WeeklyChart, could be the making of a 'Stick Sandwich' pattern (Google ' 'Stick Sandwich candle pattern' to study). Bears need to produce a deep red one this week, for that pattern to happen.

Support & Resistance: 

Middle Tyne of the Week Fork, is now support and the Top Tyne of the Month Fork is again resistance.  

Moving Averages: 

5 EMA on the Week chart, is the mark, that the  Bear want to get below, this week #WeeklyChart.

Indicators: 
 
STS struggles to stay in the over sold #DayChart.


Wrap:

Desperate Bears could make a 'Stick Sandwich' with a suitable deep red candle #Weeklychart. 
Bulls look to use the current Support and Trend to touch the Long term Channel top and a make a new ATH (2292) #MonthChart.