US - S&P 500 - Triple Screen 'Technical Analysis' - High Wave - Week 1 of May 2016.

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

Patterns: 

• Bears keep the current high, lower than the previous (2116) #W1, taking the index below the Fork's bottom Tyne, April makes a High Wave candle #M1.

Support & Resistance:

• Index keeps above the Monthly 5 EMA. Resistance near the last high (2116), helps the Bears get some red on the chart #D1.

Moving Averages:  

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

Indicators:

• STS slips from the over sold zone #D1.

Wrap:

Bears keep the index below the previous High #W1. Bulls continue to hold above the daily 222 SMA.

Looking forward into this Week:

Patterns:

• Morning Star (Study Links here, here or elsewhere), is active on the Month Chart #M1. 
• High Wave Candle (Study Links here, here or elsewhere) on the Month Chart, shows  some indecision among the players #M1. 

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:

• A Death Cross (55 & 222 SMA), is about to turn into a 'Golden Cross' on the Day Screen.

Indicators:

• TSI is above the 50% mark #M2.

Wrap:

Tired Bulls, struggle to make a higher high (2116+) and a move to the ATH #W1.
Bears after the slip below the Fork, want to ensure a lower high (2116-) #D1.

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Evening Doji Star Strikes - Week 1 of May 2016.

 

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

Patterns:

• Last week's Weekly candle, was a red High Wave, it triggers the Evening Doji Star.pattern #W1.

Support & Resistance:

• 13 SMA on the month screen #M1, was again resistance while the 5 EMA on the Week screen was support  #W1.

Moving Averages: 

• The critical 5 EMA, is now very close to the 13 SMA, on the Day screen #D1.

Indicators:

• The TRD #M2, is facing resistance at the mid point (50% Fibonacci).

Wrap:

Pullback to Week Channel bottom almost done, Last week was advantage Bears #W1.

Looking Forward into this Week:

Patterns:

• 'Evening Doji Star' (Study Links here, here or elsewhere) is active on the Medium Term chart #W1.
• High Wave candle on the Week Chart, points to indecision (Study Links here, here or elsewhere)  #W1.

Support & Resistance:

• Bulls would want to clear 8040, the 'Fibonacci 76.4% retrace of the 2010 low to the ATH)'  #W1. Bears would want to see the index get below the red Day Channel Top #D1.

Moving Averages: 

• The Death Cross (50 and 200 SMA) has been active for the past 6+ months #D1.

Indicators:

• The MACD is below its MA and its histogram ticking at the zero line, this is good news for Bears #D2.

Wrap :

Bulls need to get above 8040 #W1. Bears would want to continue the throw back to the red Day Channel top #D1.