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) keeps the Bulls down #W1.
- 'Bullish Engulfing' on the Long Term Charts, becoming a Three Outside Up, still some distance away #M1.
- Bears get 5 in a row, as all days of last week, see the Index closing below the 5 EMA on the Day Chart #D1.
- Bulls get support on the Monthly Pivot #M1 and the 5 EMA on the EOW #W1.
Moving Averages:
- The critical 5 EMA and 13 SMA on the EOW, stay crossed Bullishly #D1.
Indicators:
- STS stays in the over bought #W2.
Wrap:
Bulls find support at the Monthly Pivot after our long watched Weekly Channel Top resists the current up-move #M1.
Bears prevent a Three outside Up possibility, by keeping the index below 8809 #W1.
Bears prevent a Three outside Up possibility, 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 the 5 EMA on the EOD #D1.
- Support Levels that the Bears would seek get below, are 8636 (5 EMA on the Weekly Charts) and 8480 (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 below the Daily 5 EMA, Bears seek to get stronger and get below the EOD channel's Mid-line #D1Bulls look forward to a Three Outside Up triggering, with a February Close above 8809 #M1.
