Learning from last Week: (click here for the previous post)
Patterns:
- Last two candles on the Month screen, form a 'Bearish Engulfing' as of now #M1.
- Last Candle on the Medium Term Screen is a 'High Wave' #W1.
- Index finds support, bang on the R2 of the Monthly Pivot.
- Day Channel's blue mid-line, was clear resistance.
Moving Averages:
- The critical 5 EMA and 13 SMA on the EOW, touch for cross or deflection at the start of next week #D1.
Indicators:
- MACD and its MA stay crossed bearishly and below the zero line - histogram ticks higher #D2.
Wrap:
Bulls and Bears slug it out to a deuce and produce a 'High Wave' - Bears control the Short Term Screen while the Bulls hold on to the Medium Term Screen by a whisker #W1.
Looking Forward into this Week:
Patterns:
- 'Dark Cloud Cover' on the Monthly Charts triggers, if December Closes below 8468 (Study Links here, here or elsewhere) #M1.
- 'Bearish Engulfing' on the Monthly Charts triggers, if Month Closes below 8348 (Study Links here, here or elsewhere) #M1.
- 'High Wave' on the Weekly Charts is active ((Study Links here, here or elsewhere) #W1.
Support & Resistance:
- Index supports that the Bears want to break below this week, are the Monthly 5 EMA (8110) and Wall for January (8174) #M1.
- Resistances that the Bulls want to get above, are the numbers noted in 'Patterns' above.
Moving Averages:
Indicators:
- STS, moving below the overbought, would pause the 3+ quarter long Bull domination of the Medium and Long Term Screens #W2.
Wrap :
Staying above 8151, Bulls hope the 'High Wave' Candle #W1, gives them a Bullish Continuation for now #W1.Bears seek to remain below critical levels going into the New Year and get below the October'14 low on the EOD #D1.
