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Wednesday, January 4, 2017

US - S&P 500 - Triple Screen 'Technical Analysis' - Consolidated - Week 1 of January 2017.












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


Patterns:
The Index falls with a large red candle after the Shooting Star on the Medium Term Chart #Weeklychart.

Support & Resistance:
The Index finds support near the Middle Tyne of the Weekly Fork and  the 5 EMA #Weeklychart.  
Resistance at the Daily 5 EMA sends the index down by end week #Dailychart.

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

Indicators: 
The RSI turns down from near the oversold #WeeklyChart. 


Wrap:

Index falls after a shooting star candle, and finds support  near the Weekly fork's middle tyne #Weeklychart.




Looking forward into this Week:



Patterns:

Shooting Star (Google 'Shooting Star candlestick') on the Medium Term Screen could have some  steam left for some downside #WeeklyChart.

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:

Bears want to use the weekly Shooting Star for some more downside #Weeklychart. 
Bulls look to use the current Support to touch the Long term Channel top and a make a new ATH (2292) #MonthChart.