S&P 500 - Triple Screen 'Technical Analysis' - Bulls Stand - Week 2 of May 2015.

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

Patterns:

• Ascending Triangle formed with the ATH line and the Day Channel's bottom keeps index hedged in #D1.

Support & Resistance:

• Index again sees resistance near the ATH #M1 & #D1, while support was around the 5 EMA on the EOM #M1.

Moving Averages:  

• The all important, 5 EMA and 13 SMA, on the medium term screen, continue to stay deflected bullishly #W1.

Indicators:

• RSI 13 is around the 60s now #W2.

Wrap:

Bulls struggle to get above the ATH #D1, while the Bears fail to make a significant lower low - position wise its still advantage Bulls.

Looking forward into this Week:

Patterns:

• Ascending Triangle on the Day Chart worth a study (Study Links here, here or elsewhere) #D1.
• With a higher low in place #D1, bulls look to repeat History (re-look) #M1 & #M3, 

Support & Resistance: 

• 5 EMA on the EOM (2063) #M1, is the Index Support that Bears want to get below. 
• Bulls seek to clear the ATH line, by a good margin this week #D1.

Moving Averages:

• Bulls have to close this Monday above 2113, to keep the 5 EMA above the 13 SMA on the Daily Charts  #W1.

Indicators:

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

Wrap:

Bulls, stuck inside an ascending triangle, look for a breakout and a resumption of the Bull run #D1.

Bears after defending the ATH, hope to close the week below 2063, to get back into the game.