Learning from last Week: (click here for the previous post)
Patterns:
- The Top of the Weekly Channel - which we had been waiting on from April 2014 (post) kept the Bulls down the previous week, Bulls come back with a green candle closing the week at 8806 #W1.
- 'Bullish Engulfing' on the Long Term Charts, becoming a Three Outside Up, trigger level is at 8809 as studied in earlier weeks #M1.
- Bears use the January close, 8809 as resistance for last week. Bulls get support at the 13 SMA on the EOW #W1.
Moving Averages:
- The critical 5 EMA and 13 SMA on the EOD, poised to cross Bullishly if the first trading day of this week, closes above 8760 #D1.
Indicators:
- STS stays in the over bought #W2.
Wrap:
Bulls find support at the 13 SMA #W1, charge up, but fail to make it above Last month's close.
Bears again prevent a Three outside Up possibility for now, by keeping the index below 8809 #W1.
Bears again prevent a Three outside Up possibility for now, by keeping the index below 8809 #W1.
Looking Forward into this Week:
Patterns:
- Channel Top resistance of the Medium Term Channel, important for Bears #W1.
- 'Bullish Engulfing' on the Long Term Charts, becoming a Three Outside Up (Study Links here, here or elsewhere) to be watched for #M1.
Support & Resistance:
- Index resistances that the Bulls would want to get above this week, are the Wall for February 8952 and 8809.
- Support Levels that the Bears would seek get below, are 8696 (5 EMA on the Weekly Charts) and 8507 (13 SMA on the Weekly Charts).
Moving Averages:
Indicators:
- STS, staying above the overbought line, demonstrates the Bull domination of the Medium and Long Term Screens #W2.
Wrap :
Staying strong below the Wall, Bears can still get back into the game for the month.Bulls look forward to a Three Outside Up triggering, with a February Close above 8809 #M1 and some new ATHs (All Time Highs) in the meanwhile.
