Learning from last Week: (click here for the previous post)
Patterns:
- The last candle on the Weekly Chart #W1, makes a High Wave #W1.
- Index bounces off the bottom of the Day Channel #D1 after monthly Spinning tops #M1.
Support & Resistance:
- Index was resisted near the daily MVWAP 34 #D1, while support was above the monthly 5 EMA #M1.
Moving Averages:
- The all important, 5 EMA and 13 SMA, in the medium term view #W1, touch for a bearish cross or bullish deflection.
Indicators:
- RSI 13 is in the 50s #W2.
Wrap:
Index vacillates with a High Wave candle #W1. Bulls hold the Channel bottom and the long term 5 EMA #M1. Bears dominate the short term screen #D1.
Looking forward into this Week:
Patterns:
- High Wave's effect is active on the medium term chart (Study Links here, here or elsewhere).
- Bulls keep the index above the Long term 5 EMA, for the 4th month running. The previous two month candles #M1, are green and resemble spinning tops (Study Links here, here or elsewhere).
Support & Resistance:
- 5 EMA on the Month Chart (2077) #M1 and the MVWAP 34 on the weekly screen (2068) #W1, are the Index Supports that Bears want to get below.
- Bulls seek to get back above the strategic 2094 #D1.
- Bulls if they close this Week above 2094, will manage a Bullish deflection of the 5 EMA and the 13 SMA on the Weekly Charts #W1.
Indicators:
- TSI, support at the 61.8% Fibonacci retrace, good for the Bulls #M2.
Wrap:
Bears look for a weekly close below 2077 to stay in the red #M1.
