US - S&P 500 - Triple Screen 'Technical Analysis' - Double Bottom Drama - Week 3 of February 2016.

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

Patterns:.

• Bulls hold the fort with a double bottom #D1.

Support & Resistance:

• Index was resisted exactly at the '23.6% Fibonacci retrace from the ATH to the 2011 (orange) low' #W1.. Support came near the Day channel Bottom equaling an earlier bottom #D1.

Moving Averages:  

• The 5 EMA on the Day Screen is crossed bearishly below the 13 SMA on all screens. 

Indicators:

• RSI 13, at divergence to the price, is almost at the over sold  #W2.  

Wrap:

Index closes weak, below support, but after bouncing off a double bottom #D1.

Looking forward into this Week:

Patterns:

• 'Opening Black Marubozu' (Study Links here, here or elsewhere) is active on the Long Term Chart #M1.
• 'Double Bottom' Chart pattern (Study Links here, here or elsewhere) is active on the Day Screen #D1.

Support & Resistance: 

• '23.6% Fibonacci retrace from the ATH to the 2008 (blue) low' #M1, is the next major support. The MVWAP34 on the Day Charts is  likely resistance #D1,

Moving Averages:

• A Death Cross (50 & 200 SMA), is on the Day Screen #D1.

Indicators:

• TSI on the Month Screen. descends from the 50% towards the 38.2% Fibonacci retrace #M2.

Wrap:

Bulls below the '23.6% Fibonacci retrace from the ATH to the March 2011 (orange) low', seek an up move after bouncing off the double bottom #W1.
Bears look to enforce the down trend with drive down to the '23.6% Fibonacci retrace from the ATH to the 2008 (blue) low' #M1  with help from January's'Opening Black Marubozu' #M1.