Learning from last Week: (click here for the previous post)
Patterns:
- The EOW chart produces a Shooting Star last week #W1.
Support & Resistance:
- Index closes the week below the July Wall (8398) after Bears defended our marks, the R1 on the Monthly charts and Channel mid-line #M1.
Moving Averages:
- The critical 5 EMA and 13 SMA on the Weekly charts, stay bullishly deflected with a lower meeting point of 8121 #W1.
Indicators:
- On the Day chart, MACD and its MA meet, histogram ticks down #D2.
Wrap:
Bulls slip below the mid-line of the Day channel #D1, after resistance at the monthly R1 #M1. Bears get index below the Wall (8398).
Looking Forward into this Week:
Patterns:
Support & Resistance:
- Bulls have support at the weekly 50 SMA (8333) #W1, and at 8121 #W1.
- Resistance continues to be at the Month Channel's blue middle line #M1 and R1 of the Month Pivot #M1.
Moving Averages:
- The Death Cross is active as long as the 50 SMA stays below the 200 SMA - gap between these MAs, is currently flat #D1.
Indicators:
- Bulls hope that the TRD would take off upwards, after settling above the 50% mark last month #M2.
Wrap :
Bulls look to get back above the Wall (click) for July 2015 (8398) and the Day Channel's mid-line #D1.
Bears plan to use the shooting star's help, to get the index below 8121.
