Learning from last Week: (click here for the previous post)
Patterns:
- The Index retreats from the Month Channel's blue middle line #M1, and halts for the week at the daily 13 SMA #D1. Bulls avoid a Dark Cloud Cover (click) on the weekly charts by a whisker #W1.
Support & Resistance:
- Index sees resistance at the Month Channel's blue middle line #M1 and Bulls took support well above the weekly 5 EMA #W1.
Moving Averages:
- The critical 5 EMA and 13 SMA, are crossed Bullishly, on all screens #D1.
Indicators:
- On the Day chart, MACD points down towards its MA, histogram ticks down #D2.
Wrap:
Bulls manage to retain conrtol of all three screens. Bears defend the Month Channel's blue middle line again #M1
Looking Forward into this Week:
Patterns:
- Month Channel's blue middle line #M1 is active as resistance while the Day Channel's blue middle line #D1, is the first line of support (Study Links here, here or elsewhere).
Support & Resistance:
- Bulls have support at the weekly 50 SMA (8343) #W1, and at the Day Channel's blue middle line #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 then the Day Channel's bottom-line #D1.
Bulls holding on to all three screens, want life above the current ATH (All Time High).
