S&P 500 - Triple Screen 'Technical Analysis' - Take off at 2068 - Week 3 of April 2015.

Learning from last Week:  (click here for the previous post)


Patterns:

• Bulls again fail to reach a higher high, but move up above the Day Channel's Bottom line - now showing higher lows and lower highs #D1.
• March and February candles form a Bearish Harami, with April candle showing green - as of now #M1. 

Support & Resistance:

• Index ran into resistance, approaching the previous High #D1, while support was at the 13 SMA on the EOD #D1.

Moving Averages:  

• The all important, 5 EMA and 13 SMA, on the medium term screen, stay deflected Bullishly again last week #W1.

Indicators:

• RSI 13 is still in the 50s #W2.

Wrap:

Index makes higher lows and lower highs on the Day Chart, Bulls on top #D1.

Looking forward into this Week:

Patterns:

• Bears Struggle to make a Long Term 'Three inside down' after the Bearish Harami - see last three candles #M1 (Study Links here, here or elsewhere). 
• Bulls look to History (re-look) #M1 & #M3, and the support at the 5 EMA #M1, for a resumption of the Bull run.

Support & Resistance: 

• 13 SMA on the EOW #W1, is the support that Bears should want to get below. 
• Bulls look to break out of this consolidation with a break out, above 2115, the last high on the Day Charts #D1.

Moving Averages:

• With the Index above 2048, the 5 EMA and the 13 SMA on the Weekly  Charts, would stay deflected Bullishly #W1.

Indicators:

• TSI, support at the 61.8% Fibonacci retrace, good for the Bulls #M2.

Wrap:

Bears after triggering a Long term Bearish Harami, look to convert it into a '3 inside down', by closing April below 2068 #M1.

Bulls want to get out of the current consolidation, with a break above 2115 and a push to the ATH #D1.