Learning from last Week: (click here for the previous post)
- The Pennant is seen on the Day Charts, morphs into a Flag #D1.
- A Pin bar forms on the Weekly Charts as a result #W1.
Support & Resistance:
- Index took support above the 13 SMA on the Day Screen by weekend #D1 - it was resisted by the MVWAP 34 on the Daily Charts #D1 as studied.
- The 5 EMA and 13 SMA, on the day screen, are again crossed Bullishly by end of last week #D1.
- RSI 13, after meandering in the middle of the range for a year, is currently attempting a bounce off the oversold line #W2.
Bulls give up their initial advantage to the Bears, by end week, to produce a Pin bar #W1.
Looking forward into this Week:
- MVWAP 34 on the long term screen (once again) is the support that Bulls want to stay above #M1. Index has resistance at the Orange Bottom of the Weekly Channel #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,
- TSI slips below the 50% retrace #M2.