Learning from last Week: (click here for the previous post)
- After the Bearish Marubozu of the previous week, Bulls make up the lost ground with a long green candle #W1.
Support & Resistance:
- Index took support just above the 50 SMA on the Day Chart #D1 - it stopped and returned exactly at the week Channel's bottom (orange) #W1.
- The 5 EMA and 13 SMA, on Monthly Screen alone is crossed Bullishly - and will stay that way until index closes clears 2112 #M1.
- RSI 13, spikes above the 50% mark #W2.
Bears manage to defend the Week Channel bottom (orange) #W1.Bulls make a tall green candle and clear the 200 SMA #D1.
Looking forward into this Week:
- 200 SMA on the day chart, is now the Index support, that Bears want to get below. Index Resistance is the Week Channel's Bottom line (orange) #W1,
- Death Cross on the EOD, is active as long as the 50 SMA and the 200 SMA stay crossed Bearishly (Study Links here, here or elsewhere) #D1,
- STS back to the oversold #W2.
Bulls seek the rewards of the big 'W' pattern #D1, with a breakout from the ATH #M1.
Bears want to use the resistance at the Week Channel bottom (orange) #W1 to take the index back into the Day Channel #D1.