- Index closed last month below the 5 EMA on the Long Term Charts #M1, this sub 5 EMA close occurred after about 3 years - see pink arrow #M3 - however History repeats, as Bulls come back with a green February (to date) #M1.
- Bear hope on, for one more week, as Month Charts do have a 'Three Inside Down' - #M1.
Support & Resistance:
- Bulls break out to another ATH (All Time High), after being hemmed in, by the Day Channel Top for most of the week.
Moving Averages:
- The all important, 5 EMA and 13 SMA, on the short term screen, remain Bullishly Crossed #D1.
Indicators:
- RSI 13 is above the 50s #W2.
Wrap:
Bears trigger a Long Term Three Inside Down last month #M1.
Bulls learn from History and make new ATHs, with a long green candle for February, #M3 and #M1.
Looking forward into this Week:
Patterns:
- Bears produce a 'Three Inside Down' #M1 on the Long Term Screen (Study Links here, here or elsewhere).
- A failed 'Three inside down', which we studied about three years ago (here and here) - was seen when the Index slipped below the 5 EMA, the last time (pink arrow #M3). Exact set-up was seen now - so that study was worth the effort #M1.
Support & Resistance:
- MVWAP 34 on the EOW #W1 and the Weekly 5 EMA (2075), are supports the Bears want to get the Index, back to.
- Current ATH and EOW Channel Top #W1, are levels, which Bulls would want to get above.
- The 5 EMA and 13 SMA on the Medium Term Charts stay crossed bullishly as long as the index is above 2006 #W1.
Indicators:
- TSI, slipping below the 76.4% Fibonacci retrace, holds some cheer for the Bears #M2.
Wrap:
Bulls hope History would repeat itself in February, and another Bull run would emanate from the current set-up, #M1 and #M3.
Bears pray, they can get back below the 5 EMA on the Long Term Charts #M1, by February end, to prevent the above.
Bears pray, they can get back below the 5 EMA on the Long Term Charts #M1, by February end, to prevent the above.
