Learning from last Week: (click here for the previous post)
Patterns:
Previous week's candle, a 'High Wave', is followed by a large 'Closed White Marubozu' #W1. H&S formation is history.
Support & Resistance:
Middle Tyne of the fork on the day screen #D1, was the resistance last week, The weekly 5 EMA was the nearest support.
Moving Averages:
The critical 5 EMA, is bullishly above the 13 SMA, on all screens.
Indicators:
STS touches the Over bought #D2.
Wrap:
Bears again keep the index below the previous High #W1. Bulls have a huge green week #W1.
Looking forward into this Week:
Patterns:
'Closed White Marubozu' (Study Links here, here or elsewhere), is active on the Week Chart #W1.
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 55 & 222 SMA, is a in a 'Golden Cross' on the Day Screen #D1.
Indicators:
TSI is facing resistance at the 61.8% mark #M2.
Wrap:
Bulls, after fading the H&S formation, are making another attempt at a higher high (2116+) #W1.
Bears aim to return the Index at the middle tyne of the fork #D1.
