S&P 500 - Triple Screen 'Technical Analysis' - Range - Week 4 of April 2015.

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


Patterns:

• Index stays range bound with the range getting tighter with a Lower High and Higher Low #D1.
• March and February candles form a Bearish Harami, with April candle showing green - as of now #M1. 

Support & Resistance:

• Index reverses exactly from the resistance line made by the previous Highs #D1, while support was also precisely at the 13 SMA on the EOW #W1.

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 again makes a lower high on the Day Chart, Bulls still 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: 

• 5 EMA on the EOW (2081) #W1, is the Index Support that Bears want to get below. 
• Bulls look to get out of this consolidation, with a break out above 2112, the last high on the Day Charts #D1.

Moving Averages:

• If the Index manages to close the week above 2059, 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 2112 and a push to the ATH #D1.