Learning from last Week: (click here for the previous post)
Patterns:
- The last two candles on the Weekly Chart #W1, would form the first of three possible Crows #W1.
- Index heads for the bottom of the Day Channel #D1 after two Spinning tops #M1.
Support & Resistance:
- Index was resisted near the weekly 5 EMA #W1, 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, continues to stay deflected bullishly.
Indicators:
- RSI 13 is in the 50s #W2.
Wrap:
Bears manage two identical red weeks #W1, as they head towards the Day Channel's bottom #D1. Bulls hold the index well above our mark, the long term 5 EMA #M1.
Looking forward into this Week:
Patterns:
- Possible Three Black Crows candle pattern 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, is the Index Support that Bears want to get below.
- Bulls seek to clear the ATH line #M1 with a clear break out from the Ascending Triangle #D1.
- Bulls if they close this Week above 2088, will maintain the Bullish cross of the 5 EMA above the 13 SMA on the Weekly Charts #W1.
Indicators:
- TSI, support at the 61.8% Fibonacci retrace, good for the Bulls #M2.
Wrap:
Bears after taking over the short term screen, look for a close below 2077 to stay in the red #M1.
