TO READ THIS WEEK's POST CLICK HERE...

Tuesday, January 19, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Channels and Fibonacci - Week 3 of January 2016.











Learning from last Week:  (click here for the previous `post)


Patterns:.
  • 'Three inside down' pattern on the Weekly charts, works for the Bears #W1.
  • Index in and around Channel Bottoms on the Week and Day Screens #W1 and #D1.
Support & Resistance:
  • Index was resisted by the 5 EMA on the Day Screen #D1. Support was at the '23.6% Fibonacci retrace from the ATH to the March 2011 low' #W1.
Moving Averages:  
    • The 5 EMA on the Month Screen stays deflected bearishly below the 13 SMA #M1. 
    Indicators:
    • RSI 13, in the 30s  #W2.  


    Wrap:
    Bulls hold the fall near the '23.6% Fibonacci retrace from the ATH to the March 201low' #W1.
    Bears keep the index below the 5 EMA on the Day Chart all week #D1.




    Looking forward into this Week:

    Patterns:
    • 'Three inside down' pattern (Study Links herehere or elsewhere) is active on the Medium Term Chart #W1.
    • Channel bottoms and the '23.6% Fibonacci retrace from the ATH to the March 201low' #W1 are 'hope stops' for the Bulls.
    Support & Resistance: 
    • 50 SMA on the Monthly chart is the next major support #M1. The 5 EMA on the Week Charts (1963) is  likely resistance #D1,
    Moving Averages:
    • The 5 EMA on the Monthly Screen will cross bullishly above the 13 SMA, only if the index closes above 2070 this month #M1.
    Indicators:
    • STS stays in the oversold #D2.


    Wrap:

    Bulls hope to kick off upwards, from the 
    '23.6% Fibonacci retrace from the ATH to the March 201low' #W1.
    Bears look to keep moving down and squeeze some more rewards from the 'Three inside down' pattern.