US - S&P 500 - Triple Screen 'Technical Analysis' - Cup and Handle? - Week 3 of December 2015.

 

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

Patterns:.

• Index after a couple of Dojis, crashes to support #W1.
• The combination of the Big 'W' and the new Day Channel #D1, make a neat 'Cup and handle' pattern.

Support & Resistance:

• Index again took support at the Channel bottom of the Day Chart #D1 - it failed to make upward progress from previous week's Doji's close #D1.

Moving Averages:  

• The 5 EMA and 13 SMA, on the Weekly Screen poised to cross bearishly or deflect Bullishly #W1.

Indicators:

• RSI 13, hesitates and falls at the oversold mark  #W2.  

Wrap:

Bears keep the index below the Week Channel bottom (orange) once again #W1.

Desperate Bulls produce the 'Handle' of the 'Cup and Handle' pattern with the Day Channel action #W1.

Looking forward into this Week:

Patterns:

• The 'W' pattern on the Day Chart is still in play (Study Links here, here or elsewhere) #D1.
• A 'Cup and Handle' pattern is active on the charts #D1, #W1 & #M1 (Study Links here, here or elsewhere) so long as a Handle is viable on any relevant time frame.

Support & Resistance: 

• Day Channel bottom (pink) #D1 is support.  Index Resistance is the Week Channel's Bottom line (orange) #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:

• STS touches the over bought line #D2.

Wrap:

Bulls hope for rewards from the big 'W' pattern #D1, with a breakout from the ATH #M1.
Stoic Bears use the resistance at the Week Channel bottom (orange) #W1 to send the index down #D1 potentially forming a 'Cup and Handle Pattern'.