US - S&P 500 - Triple Screen 'Technical Analysis' - H&S ! - Week 3 of May 2016.

 

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

Patterns: 

• Bears close the index at the 50 SMA #D1, index makes the right shoulder perfectly and is almost at the neckline of the Head and Shoulder (H&S) pattern #D1, on the Day Chart. 

Support & Resistance:

• Index closes at the Daily 50 SMA #D1. After facing resistance at the daily 13 SMA #D1.

Moving Averages:  

• The critical 5 EMA, is bearishly below the 13 SMA, only on the Day Screen #D1.

Indicators:

• STS below the 50% mark #D2.

Wrap:

Bears keep the index below the previous High #W1. Bulls continue to hold above the daily 222 SMA but almost allow a bearish 'Head and Shoulder' on the day screen #D1.

Looking forward into this Week:

Patterns:

• Morning Star (Study Links here, here or elsewhere), is active on the Month Chart #M1. 
• Possible, Head & Shoulder Pattern (Study Links here, here or elsewhere) on the Day Chart, next watch for the neck line break #D1. 

Support & Resistance: 

• Last High (2116) continues to be the resistance to beat. The Daily 222 SMA, is still the support, that Bulls want to stay above #D1.

Moving Averages:

• The Death Cross (55 & 222 SMA), has turned into a 'Golden Cross' on the Day Screen.

Indicators:

• TSI is above the 50% mark #M2.

Wrap:

Bulls, still good to attempt another go at making a higher high (2116+), keeping above the neckline of the H&S #D1.
Bears would want to break down below the neckline of the H&S and then the 222 SMA #D1.