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| S&P 500: Long Term View (or) EOM Chart (or) Month Chart: 1 candle = 1 month's price action |
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| S&P 500: Medium Term View (or) EOW Chart (or) Week Chart: 1 candle = 1 week's price action |
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| S&P 500: Short Term View (or) EOD Chart (or) Day Chart: 1 candle = 1 day's price action |
Learning from last Week: (click here for the previous post)
Patterns:
- Bears produce a Harami with a red week candle #W1.
- Closing white (green in our screen) Marubozu of last week chooses reversal and not continuation #W1.
Support & Resistance:
- ATH (All Time High) was resistance and the 5 EMA (weekly) was support #W1.
Moving Averages:
- The 5 EMA and 13 SMA, touch on the EOD #D1.
Indicators:
- RSI 13 stays in the over bought #W2.
- TSI continues holding above its crucial Fibonacci level #M2.
Wrap:
Bulls retain control of all Screens - Bears fail to close below the weekly 5 EMA #W1.
Looking forward into this Week:
Patterns:
Support & Resistance:
- 5 EMA on the EOW #W1 at a Index reading of 1961 is support for the week, while the ATH is resistance.
Moving Averages:
- The 5 EMA and 13 SMA, poised to cross bearishly on the EOD #D1 - if the next Day candle Closes below 1967.
Indicators:
- Stochastic 34 3 4, staying back in the over-bought zone, works for the Bulls #D2.
Wrap:
Bulls seek to go above the last ATH i.e. 1986 - after a lucky 13 weeks above the weekly 5 EMA, Bears want to crack 1961 on the downside #W1.
