Learning from last Week: (click here for the previous post)
Patterns:
Evening Doji Star formation, splashes more red on the Weekly Chart #W1.
Support & Resistance:
55 SMA on the Weekly chart #W1 was support, the index failed to reach the top of the weekly channel #W1.
Moving Averages:
The critical 5 EMA, is bearishly below the 13 SMA, on all the above screens.
Indicators:
STS continues to be at the mid point #D2.
Wrap:
After the Bulls make a Higher High #M1, Bears paint the screen red, with help from the Evening Doji Star #W1.
Looking forward into this Week:
Patterns:
'Evening Doji Star' (Study Links here, here or elsewhere), is active on the Week Chart #W1.
Support & Resistance:
Weekly Channel Top (orange) is the resistance to beat #W1. The lower tyne of the new fork is the first support #D1, fallback is MVWAP33 on the Month screen #M1.
Moving Averages:
The 55 & 222 SMA, is a in a 'Golden Cross' on the Day Screen #D1.
Indicators:
TSI is turning back from resistance at the 61.8% mark #M2.
Wrap:
Bulls, pray that the new fork holds (1994+ for Monday), and seek to close the week above the weekly 55 SMA #W1.
Bears look to break below the fork #D1 and then would love a lower low (below 1800).
