Learning from last Week: (click here for the previous post)
Patterns:
- Previous week's Evening Star gives the Bears one more red candle #W1- Index says Hi to the Long Term 5 EMA with a touch and bounce #M1.
- Bulls see their long term 'Three Outside Up' (last 4 candles) #M1. threatened by a potential Bearish engulfing (last 2 candles) #M1.
Support & Resistance:
- 5 EMA on the EOM (8555) #M1, was the exact support last week.
- 5 EMA on the EOW (8777) #W1, was the clear resistance last week.
Moving Averages:
- The critical 5 EMA and 13 SMA on the EOW, poised to cross bearishly or deflect bullishly #W1.
Indicators:
- STS slips below the over bought line #W2.
Wrap:
Bears after defending the Weekly Channel top and following it up with an 'Evening star' - make a red week and close below the wall #W1.
Bulls take support on the Long Term 5 EMA #M1.
Looking Forward into this Week:
Patterns:
- Previous week's Evening Star on the Medium Term Screen (Study Links here, here or elsewhere) is active #W1.
- Long Term Charts, see the Three Outside Up (Study Links here, here or elsewhere) threatened by a possible Bearish Engulfing (last 2 candles) #M1.
Support & Resistance:
- Index resistances that the Bulls would want to get above this week, are 8684 (Wall for March 2015) and 8618.
- Support Levels that the Bears want to get below, are S2 on the March Pivot #M1 and 8555 (5 EMA on the Monthly Charts).
Moving Averages:
Indicators:
- Bulls would want the STS, moving back above the overbought line, to demonstrate their domination of the Medium and Long Term Screens #W2.
Wrap :
