Learning from last Week: (click here for the previous post)
Patterns:
- The Index takes off from the August Wall (8424) to retest the Right Shoulder of a possible Head & Shoulder formation on the Day Charts #D1.
Support & Resistance:
- Index takes off from Support at the August Wall (8424), and runs into resistance around the last high (RS) on the Day Chart #D1.
Moving Averages:
- The critical 5 EMA and 13 SMA, are crossed bullishly on all three screens.
Indicators:
- On the Day chart, MACD is at its MA, histogram ticks into zero #D2.
Wrap:
Bears put their trust on a possible H&S reversal #W1.
Looking Forward into this Week:
Patterns:
- H&S pattern on the Day Chart is a possibility worth a study #D1 (Study Links here, here or elsewhere) - Neckline for activation of the pattern is currently around 7900 (edited).
Support & Resistance:
- Bulls have support at the S1 of the month pivot (8346) #M1, Resistance is at the same pivot's R1 (8686) #M1.
Moving Averages:
- The Death Cross is active as long as the 50 SMA stays below the 200 SMA - gap between these MAs, is again flat this week #D1.
Indicators:
- Bulls hope that the TRD would take off upwards, after settling above the 50% mark last couple of months #M2.
Wrap :
Bears hope that a journey to 8346 (edited) would start, with a close below the daily 13 SMA (8494 for Monday) #D1.
Bulls, above all the MAs that we track, want to continue upwards, from the RS to the ATH (All Time High) #D1.
