US - S&P 500 - Triple Screen 'Technical Analysis' - Hammer - Week 1 of October 2015.

Learning from last Week:  (click here for the previous post)

Patterns:

• Last week's action produced a green 'Hammer' candle #W1.  
• Index is attempting a Higher Low #D1.

Support & Resistance:

• Index took support almost at the previous low #D1 - it was resisted by the 5 EMA on the Weekly Charts #D1.

Moving Averages:  

• The 5 EMA and 13 SMA, on the day screen, poised to deflect Bearishly or Cross Bullishly #D1.

Indicators:

• RSI 13, after meandering in the middle of the range for a year, is attempting a life off from the oversold line #W2.  

Wrap:

Bulls retake control of the short term screen.
Bears fail to make a lower low #D1.

Looking forward into this Week:

Patterns:

• 'Hammer' on the Week Chart is active (Study Links here, here or elsewhere) #D1.

Support & Resistance: 

• MVWAP 34 on the long term screen #M1 (once again) is the support that Bulls want to stay above. Index has resistance at the 13 SMA on the medium term screen #W1. 

Moving Averages:

• Death Cross on the EOD, is active as long as the 50 SMA and the 200 SMA stay crossed Bearishly (Study Links here, here or elsewhere) #D1,

Indicators:

• TSI flattens below the 50% retrace #M2.

Wrap:

Bulls sense hope and seek to hammer their way to above the 2K mark.
Bears seek to spend the rest of the month below the MVWAP 34 #D1 and then #M1.