Learning from last Week: (click here for the previous `post)
- Bulls after making a double bottom #D1, the previous week take the index to the Week Channel Bottom, with a long green Marubozu #W1.
- Index was resisted around the MVWAP 34. Support came near the '23.6% Fibonacci retrace from the ATH to the 2011 (orange) low' #W1.
- The 5 EMA on the Day Screen is crossed bullishly above the 13 SMA on the Day Screen #D1.
- RSI 13, at divergence to the price, is almost at the over sold #W2.
Index closes stronger, above support, after bouncing off a double bottom #D1.
Looking forward into this Week:
- '23.6% Fibonacci retrace from the ATH to the 2011 (orange) low' #M1, is the immediate support. The 13 SMA on the Week Charts is immediate resistance #W1,
- 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 above support, after bouncing off the double bottom, look to invade the Week channel #W1.
Bears look to re-enforce the down trend, using he resistance at the Week Channel and with help from January's'Opening Black Marubozu' #M1.