Learning from last Week: (click here for the previous post)
Patterns:
- The Head & Shoulder formation, gives lower lows for the Bears #W1 - however Bulls get a green week as they shoot off off the Day Channel's Bottom #D1.
Support & Resistance:
- The 76.4% Fibo retrace shown on the EOM #M1 was support as studied. The 13 SMA on the EOD was resistance #D1.
Moving Averages:
- The critical 5 EMA and 13 SMA, are crossed bearishly, on all three Screens, for the past few weeks.
Indicators:
- On the Month chart, TRD at the Fibonacci 38.2% mark #M2.
Wrap:
Bulls hold the index above the monthly Pivot's S1 and claim a green week #D1.
Looking Forward into this Week:
Patterns:
- Bearish H&S pattern reaching target #W1, remains a possibility (Study Links here, here or elsewhere).
Support & Resistance:
- Bulls again have support at the 76.4% Fibo retrace shown on the EOM #M1, Resistance is at the blue Mid-line of the Day Channel #D1.
Moving Averages:
- The Death Cross (50 and 200 SMA) is active and thriving #D1.
- The critical 5 EMA crossing above the 13 SMA, and holding there, is critical for Bull Success this week (touch point for Monday is 7869) #D.
Indicators:
- The STS, staying below the oversold line, is good for Bears #W2.
Wrap :
Bears with all screens in their control, look to drive towards the green bottom line of the Weekly Chart #W1.
Bulls after the bounce from the Day channel's bottom, seek a bullish cross of the 5 EMA & 13 SMA on the EOD Screen #D1.
Bulls after the bounce from the Day channel's bottom, seek a bullish cross of the 5 EMA & 13 SMA on the EOD Screen #D1.
