Learning from last Week: (click here for the previous post)
Patterns:
- The Bulls slip above the Wall early last week and climb sharply before stopping at our resistance, the Month Channel's blue middle line #M1.
Support & Resistance:
- Index closes the week below the Month Channel's blue middle line #M1 after Bulls took support well above the weekly 50 SMA (8333) #W1.
Moving Averages:
- The critical 5 EMA and 13 SMA on the Daily charts, cross Bullishly early in the week #D1.
Indicators:
- On the Day chart, MACD deflects off its MA, histogram ticks up #D2.
Wrap:
Bulls slip above the wall and take control of all three screens. Bears defend the Month Channel's blue middle line #M1
Looking Forward into this Week:
Patterns:
Support & Resistance:
- Bulls have support at the weekly 50 SMA (8333) #W1, and the daily 5 EMA #D1.
- Resistance continues to be at the Month Channel's blue middle line #M1 and also at the R2 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 contracting #D1.
Indicators:
- Bulls hope that the TRD would take off upwards, after settling above the 50% mark last month #M2.
Wrap :
Bears look to get back below the Wall (click) for July 2015 (8398) and the Day Channel's bottom-line #D1.
Bulls dominating all three screens, eye the ATH (All Time High).
