- 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 month #M1.
- Bear hope up, as Month Charts see a 'Three Inside Down' - #M1.
Support & Resistance:
- Bulls close the index just above the 13 SMA on the weekly charts, after taking off from the MVWAP 34 on the same chart #W1.
Moving Averages:
- The 5 EMA and 13 SMA, on the medium term screen, remain Bearishly Crossed #W1.
Indicators:
- RSI 13 around the 50s #W2.
Wrap:
Bears trigger a Long Term Three Inside Down last month #M1.
Bulls come back with a long green candle for February - History repeats? #M3.
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 seen now - so that is worth a study #M1.
Support & Resistance:
- MVWAP 34 on the EOW #W1 and the Monthly 5 EMA (2013), are supports the Bulls look to keep above, this week.
- 2050 (13 SMA on the Week Chart #W1) and 2080 are levels, which Bears would want to stay below.
- The 5 EMA and 13 SMA on the Medium Term Charts stay crossed bearishly as long as the index is below 2080 #W1.
Indicators:
- TSI, slipping below the 76.4% Fibonacci retrace, cheers the Bears #M2.
Wrap:
Bulls hope History would repeat itself in February, and another Bull run would emanate from the current set-up #M1.
Bears seek get back below the 5 EMA on the Long Term Charts #M1, to prevent the above.
Bears seek get back below the 5 EMA on the Long Term Charts #M1, to prevent the above.
