Learning from last Week: (click here for the previous post)
Patterns:
Index closes the week above the neckline of a 'Head and Shoulder' Pattern #DaiyChart1 Link (Click)
Support & Resistance:
New Day Fork's middle Tyne and 50MA were resistances #DayChart1
Index gets support at the H&S neckline and Day Fork's bottom Tyne #DayChart1.
Moving Averages:
The critical EMA 5, is bearishly below the MA 13 only on the weekly screen #WeekChart1.
Indicators:
The STC stays, well above the 76% Fibonacci retrace #MonthChart2.
Wrap:
Bears defend the Daily 50MA, Bulls keep above the neckline of the H&S pattern #DayChart1.
Looking forward into this Week:
Patterns:
Head & Shoulder pattern is active on the Day chart (Study links here, here or elsewhere) Bears pray the Index crashes below the Day Fork #DayChart1.
Support & Resistance:
Middle Tyne of the Fork on the Day chart is the first resistance #DayChart1. Neckline of the Head & Shoulder Pattern or Day Fork's Bottom Tyne are the first Supports (Link).
Moving Averages:
The 50 & 200 MA, are a in a 'Golden Cross' on the Day Screen #DayChart1.
Indicators:
The MACD is above its MA and its histogram is above zero #DayChart2.
Wrap:
Bears look to break below the H&S neckline, while keeping below the Daily 50MA #DayChart1.
Bulls want to break the current down trend, by closing above 8808 #DayChart1.
