US - S&P 500 - Triple Screen 'Technical Analysis' - Channels and Fibonacci - Week 3 of January 2016.

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

Patterns:.

• 'Three inside down' pattern on the Weekly charts, works for the Bears #W1.
• Index in and around Channel Bottoms on the Week and Day Screens #W1 and #D1.

Support & Resistance:

• Index was resisted by the 5 EMA on the Day Screen #D1. Support was at the '23.6% Fibonacci retrace from the ATH to the March 2011 low' #W1.

Moving Averages:  

• The 5 EMA on the Month Screen stays deflected bearishly below the 13 SMA #M1. 

Indicators:

• RSI 13, in the 30s  #W2.  

Wrap:

Bulls hold the fall near the '23.6% Fibonacci retrace from the ATH to the March 2011 low' #W1.

Bears keep the index below the 5 EMA on the Day Chart all week #D1.

Looking forward into this Week:

Patterns:

• 'Three inside down' pattern (Study Links here, here or elsewhere) is active on the Medium Term Chart #W1.
• Channel bottoms and the '23.6% Fibonacci retrace from the ATH to the March 2011 low' #W1 are 'hope stops' for the Bulls.

Support & Resistance: 

• 50 SMA on the Monthly chart is the next major support #M1. The 5 EMA on the Week Charts (1963) is  likely resistance #D1,

Moving Averages:

• The 5 EMA on the Monthly Screen will cross bullishly above the 13 SMA, only if the index closes above 2070 this month #M1.

Indicators:

• STS stays in the oversold #D2.

Wrap:

Bulls hope to kick off upwards, from the '23.6% Fibonacci retrace from the ATH to the March 2011 low' #W1.
Bears look to keep moving down and squeeze some more rewards from the 'Three inside down' pattern.