US - S&P 500 - Triple Screen 'Technical Analysis' - Double Bottom Rewards - Week 4 of February 2016.

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

Patterns:.

• Bulls after making a double bottom #D1, the previous week take the index to the Week Channel Bottom, with a long green Marubozu #W1.

Support & Resistance:

• Index was resisted around the MVWAP 34. Support came near the '23.6% Fibonacci retrace from the ATH to the 2011 (orange) low' #W1.

Moving Averages:  

• The 5 EMA on the Day Screen is crossed bullishly above the 13 SMA on the Day Screen #D1.

Indicators:

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

Wrap:

Index closes stronger, above support, 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 2011 (orange) low' #M1, is the immediate support. The 13 SMA on the Week Charts is  immediate resistance #W1,

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 above support, after bouncing off the double bottom, look to invade the Week channel #W1.
Bears look to re-enforce the down trend, using he resistance at the Week Channel and with help from January's'Opening Black Marubozu' #M1.