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Monday, October 17, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Down Fork - Week 3 of October 2016.








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

Patterns:

After the 'Evening Star' pattern triggers on the long term screen #MonthChart1, Index continues to face resistances at the middle Tyne of the Week and Day forks.#WeekChart1, #Daychart1.

Support & Resistance:
 
Resistance was again at the middle Tyne of the Week Fork #WeekChart1. Support near the bottom Tyne of the Day Fork #Daychart1.

Moving Averages:
The critical EMA 5, is bullishly above the MA 13, only on the Month Chart (landing 1909)
#Monthchart1.

Indicators: 
The RSI is near the center of the range #Week
Chart2.

Wrap:

Bulls hold the Action above the bottom Tyne of the Day Fork #DayChart. Bears move index down and get another red weekly candle  #WeekChart1.




Looking forward into this Week:

Patterns: 

'Evening Star' Pattern (Study Links herehere or elsewhere) is active on the Long term charts #MonthChart1. 

Support & Resistance:
34 MVWAP on the Week chart is supportMiddle Tyne of the Fork on the Week chart is resistance #WeekChart1.

Moving Averages:
5 EMA on the Month chart i,e, 2141, is the resistance, that the  Bulls want to be above, this month #MonthChart1. 


Indicators:
TSI returns from resistance at the 74% Fibonacci mark #MonthC
hart2.


Wrap:
 
Bulls after allowing an Evening Star #MonthChart1, need a save, getting above 2141.
Bears want to keep below the middle Tyne of the Week Fork and aim for life below the MVWAP 34 #WeekChart1.