Learning from last Week: (click here for the previous post)
Patterns:
The Fork on the Day Chart holds the index at the bottom Tyne and shoots is upward to the top Tyne #D1.
Support & Resistance:
Bottom Tyne of the Fork #D1, was support, the index makes it to the top Tyne #D1.
Moving Averages:
The critical 5 EMA, is bullishly above the 13 MA, on all the above screens.
Indicators:
STS continues to be at the mid point #D2.
Wrap:
After the Bears paint the screen red, with help from the Evening Doji Star #W1, Bulls come back from support at the Fork's bottom Tyne #D1.
Looking forward into this Week:
Patterns:
'Bullish Engulfing Pattern' (Study Links here, here or elsewhere), is active on the Week Chart #W1. A close above 2103 this week, would make it a 'Three Outside up'.
Support & Resistance:
Weekly Channel Top (orange) is the resistance to beat #W1. The 222 MA is the nearest Support #D1.
Moving Averages:
The 55 & 222 MA, is a in a 'Golden Cross' on the Day Screen #D1.
Indicators:
TSI clears resistance at the 61.8% mark #M2.
Wrap:
Bulls, look to close the week above 2103 and then go on to an new ATH #W1.
Bears want to break below the fork #D1 and then would eye a lower low (below 1800).
