Learning from last Week: (click here for the previous `post)
- Bulls now have 5 green weekly candles in a row #W1. Last Swing high 2117 #W1.is next.
- Index was resisted in line with the earlier highs #W1. Support came in at the 13 SMA on the Day Screen #D1.
- The critical 5 EMA, remain crossed bullishly above the 13 SMA, on the Day and Week Screens #D1.
- STS remains in the over sold zone #D1.
Bears defend the channel line from earlier highs #W1. Bulls clear all MAs that we track.
Looking forward into this Week:
- 222 SMA #D1, is the immediate support. Last weeks close 2050. is the current resistance. The next swing high 2117 is subsequent resistance, that Bulls need to clear #D1,
- A Death Cross (55 & 222 SMA), is active on the Day Screen.
- RSI 13 staying above the 50% mark, is important for the Bull up move #W2.
Bulls on a roll, after Pin Bar, look at making a higher high #W1.
Bears aim ensure a lower high and get the index below the 222 SMA #D1, with the hope of continuing the down trend.