Learning from last Week: (click here for the previous `post)
- Bulls hold the fort with a double bottom #D1.
Support & Resistance:
- Index was resisted exactly at the '23.6% Fibonacci retrace from the ATH to the 2011 (orange) low' #W1.. Support came near the Day channel Bottom equaling an earlier bottom #D1.
- The 5 EMA on the Day Screen is crossed bearishly below the 13 SMA on all screens.
- RSI 13, at divergence to the price, is almost at the over sold #W2.
Index closes weak, below support, but after bouncing off a double bottom #D1.
Looking forward into this Week:
- '23.6% Fibonacci retrace from the ATH to the 2008 (blue) low' #M1, is the next major support. The MVWAP34 on the Day Charts is likely resistance #D1,
- A Death Cross (50 & 200 SMA), is on the Day Screen #D1.
- TSI on the Month Screen. descends from the 50% towards the 38.2% Fibonacci retrace #M2.
Bulls below the '23.6% Fibonacci retrace from the ATH to the March 2011 (orange) low', seek an up move after bouncing off the double bottom #W1.
Bears look to enforce the down trend with drive down to the '23.6% Fibonacci retrace from the ATH to the 2008 (blue) low' #M1 with help from January's'Opening Black Marubozu' #M1.