US - S&P 500 - Triple Screen 'Technical Analysis' - Neckline Wave - Week 4 of May 2016.

 

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

Patterns:

• Last week's candle was a 'High Wave' #W1, this action happened at the Neckline of the Head and Shoulder formation #D1 . 

Support & Resistance:

• MVWAP34 on the day screen #D1, was the resistance last week the daily 222 SMA was near support.

Moving Averages: 

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

Indicators: 

• STS lands at the Over sold #D2.

Wrap:

Bears keep the index below the previous High #W1. Bulls closed the week, above the daily 222 SMA but allowed the formation of 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. 
• Head & Shoulder Pattern (Study Links here, here or elsewhere) on the Day Chart, is active so long as the price stays below the neck line #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, look to fade the H&S formation, and make another attempt at making a higher high (2116+), keeping above the neckline of the H&S #D1.

Bears seek to break the index down to below the neckline of the H&S, and then the 222 SMA #D1.