- Index dives deeper after being stopped at the top line of the Day Channel, Bears get a bigger red week #D1.
- March Candle is an 'Opening White Marubozu' #M1.
Support & Resistance:
- The March Pivot #M1, was support and the Day Channel Top was once again the resistance last week #D1.
Moving Averages:
- The critical 5 EMA and 13 SMA, cross Bearishly on the day screen #D1.
Indicators:
- On the week charts the STS #W1, is just under the 50 mark.
Wrap:
Pullback to Week Channel bottom in progress, Day Channel Top resistance in the way #D1.
Looking Forward into this Week:
- 'Opening White Marubozu' (Study Links here, here or elsewhere) is active on the Long Term chart #M1.
- Channel Top, is now the resistance on the Day Chart #D1. Channels, worth a study.(Study Links here, here or elsewhere)
Support & Resistance:
- Bulls aim for the resistance at 8040, the 'Fibonacci 76.4% retrace of the 2010 low to the ATH)' and close to the Pullback target #W1.
- Next Support is the Daily 50 SMA #D1, Bears would want life under 7367, the 'Fibonacci 61.8% retrace of the 2010 low to the ATH)' to keep current downward traction #W1.
- The Death Cross (50 and 200 SMA) has been active for the past 6+ months #D1.
Indicators:
- The TRD staying above the 38.6% Fibo, for the month, helps the Bull cause #M2.
Wrap :
Bulls see the Pullback from the Weekly 200 SMA, to the Week Channel Bottom #W1 continuing, once the index sustains above the daily 5 EMA #D1.
Bears seek a deep dive, to below 7367, to take the index to the bottom of the Day Channel #D1.
