S&P 500 - Triple Screen 'Technical Analysis' - High Wave Highs - Week 4 of June 2015.

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

Patterns:

• The Weekly Chart, shows a green week after a High Wave (last two candles) #W1.
• Index extends its bounce off the bottom of the Day Channel #D1 making this month's candle a Doji #M1.

Support & Resistance:

• Index was supported near the daily MVWAP34 #D1, while is stopped short of the All Time High (ATH) #M1.

Moving Averages:  

• The 5 EMA and 13 SMA, in the medium term view #W1, touch and go as in a bullish deflection.

Indicators:

• RSI 13 is right in the 50s #W2.

Wrap:

Bulls retake all screens after the High Wave candle #W1. 
Bears stop the index well short of the ATH #M1.

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 Day Channel Bottom #W1, are the Index Supports that Bears want to get below. 
• Bulls seek to keep above the strategic 2102 #D1 and clear the ATH #M1. 

Moving Averages:

• Bulls if they close this Week above 2102, will retain the Bullish deflection of the 5 EMA and the 13 SMA on the Weekly Charts  #W1.

Indicators:

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

Wrap:

Bulls, keeping above the monthly 5 EMA #M1, look to make a new ATH #M1

Bears want a weekly close below 2102, and a break below the Day Channel #D1.