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Monday, February 8, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Channel Wars - Week 2 of February 2016.












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


Patterns:.
  • Index at war on the Week Channel's Bottom Line, with a Bullish 'Three inside up' #W1 and a Bearish 'Opening Black Marubozu' in play #M1.
Support & Resistance:
  • Index was again resisted by the 5 EMA on the Week Screen #W1. Support was again at the '23.6% Fibonacci retrace from the ATH to the 2011 (orange) low' #W1.
Moving Averages:  
    • The 5 EMA on the Day Screen is crossed bearishly below the 13 SMA on all screens. 
    Indicators:
    • RSI 13, at divergence to the price, is almost at the over sold  #W2.  


    Wrap:
    Index closes weak, near support, after Bearish Long Term and Bullish Medium Term Candle patterns, the previous week #W1.




    Looking forward into this Week:

    Patterns:
    • 'Opening Black Marubozu' (Study Links herehere or elsewhere) is active on the Long Term Chart #M1.
    Support & Resistance: 
    • '23.6% Fibonacci retrace from the ATH to the 2008 (blue) low' #M1, is the next major support. The MVWAP34 on the Day Charts is  likely resistance #D1,
    Moving Averages:
    • A Death Cross (50 & 200 SMA), is on the Day Screen #D1.
    Indicators:
    • TSI on the Month Screen. descends from the 50% towards the 38.2% Fibonacci retrace #M2.


    Wrap:

    Bulls around the 
    '23.6% Fibonacci retrace from the ATH to the March 201low', seek an up move from support
     #W1.
    Bears look to enforce the down trend with drive down to the '23.6% Fibonacci retrace from the ATH to the 2008 (blue) low' #M1  with help from January's'Opening Black Marubozu' #M1.


    India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Fibonacci Support - Week 2 of February 2016.









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

    Patterns:
    • The Bullish 'Morning Star' #W1, on the Medium Term Screen and the Bearish 'Opening Black Marubozu' #M1, on the Long Term Screen result in a volatile Week. 
    Support & Resistance:
    • Index was resisted at the Monthly Pivot #M1, Index took precise support at the 'Fibonacci 61.8% retrace of the 2010 low to the ATH'  #W1.
    Moving Averages: 
    • The critical 5 EMA and 13 SMA, are still crossed Bullishly on the Day Screen #D1.
    Indicators:
    • On the week charts the STS #W1, is in the over sold zone.

    Wrap:

    Bulls and Bears cover the same area as the previous week, keeping above support and make an 'Opening Black Marubozu' #W1, on the Medium Term Screen.




    Looking Forward into this Week:

    Patterns:
    • A Morning Star Pattern (Study Links herehere or elsewhere) is active on the Medium Term charts #W1.
    • 'Opening Black Marubozu' (Study Links herehere or elsewhere) is active on the Long Term chart #M1 and Medium Term Chart #W1.
    Support & Resistance:
    • Index has resistance at the Weekly channel bottom (Pullback) #W1. Support is way below at the Day Channel Bottom #D1.
    Moving Averages: 
    • The Death Cross (50 and 200 SMA) has been active for the past 6 months #D1.
    Indicators:
    • The MACD deflects above its MA, histogram keeps above the zero line #D2.


    Wrap :
    Bulls hope that the pullback to Week Channel Bottom continues, with help from the 'Morning Star Pattern' #W1.
    Bears aim for the day channel bottom, assisted by the 'Opening Black Marubozu' on the Long and Medium term screens #M1.