- Index stopped at the top line of the Day Channel, Bears get their red week #D1.
Support & Resistance:
- The Weekly 5 EMA, was support and the Day Channel Top was once again the resistance last week #D1.
Moving Averages:
- The critical 5 EMA and 13 SMA, remain in a Bullish cross on the Week Screen #W1.
Indicators:
- On the week charts the STS #W1, still below the 50 mark.
Wrap:
Pullback to Week Channel bottom in progress, Last weeks action stalls the index at the Day Channel Top #D1.
Looking Forward into this Week:
- 'Opening Black Marubozu' (Study Links here, here or elsewhere) is active on the Long Term chart #M1.
- Channel Top, hit on the Day Chart #D1. Channels, worth a study.(Study Links here, here or elsewhere)
Support & Resistance:
- Bulls aim for the resistance at 8040, the 'Fibonacci 76.4% retrace of the 2010 low to the ATH)' and close to the Pullback target #W1.
- The daily 5 EMA, is the support that the bears would want to close the week below - to start some downward traction.
- The Death Cross (50 and 200 SMA) has been active for the past 6+ months #D1.
Indicators:
- The TRD staying above the 38.6% Fibo, for the month, helps the Bull cause #M2.
Wrap :
Bulls see the Pullback from the Weekly 200 SMA, to the Week Channel Bottom #W1, continuing, after a Pop out of the Day Channel.
Bears depend on the resistance at the 'zone' of the Day Channel Top line #D1, to help them get some more red on the screen.
