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Monday, February 20, 2017

S&P 500 (Americas US) - 'Weekly Technical Analysis' - AB=CD? - Week 4 of February 2017.









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


Patterns:
Index peeps above the Monthly Fork's top Tyne #Monthlychart. An 'AB=CD' formation is possible on the Short term Chart (google 'AB=CD' to study).

Support & Resistance:
The Index gets support it the 0.75 section of the Gann box (google 'Gann box' to study). Resistance was just below the AB=CD pattern's 2.618 extension.

Moving Averages:
The critical EMA 5, is bullishly above the MA 13, on all Screens. 

Indicators:
The TSI is into the 76.8% Fibo Retrace #MonthlyChart. 


Wrap:  


The AB=CD pattern studied last week, plays into the 2.618 extension.




Looking forward into this Week:


Patterns:
Month fork with a Span of 25 years - sees the Price peep above its top Tyne. AB=CD has a target of 2356.

Support & Resistance:
The Index gets support at the '0.75' Price level of the Gann box while resistance is at the '1' level.

Moving Averages:
5 EMA on the Month chart (2216), is the mark, that the Bears have to close below, to impact the up move #MonthlyChart.

Indicators:
TSI above 76.8% Fibo Retrace, helps Bulls #MonthlyChart. 


Wrap:
Bulls peeping above the Long term Channel top, could be negotiating a major breakout #MonthChart.
Bears hope to use the current patterns to get below 2300