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Monday, March 28, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Three inside down? - Week 5 of March 2016.













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


Patterns:.

  • Bears finally get a red candle and a Bearish Harami, last week #W1.
Support & Resistance:
  • Index slipped below and was resisted by the middle tine of the fork #D1, for most of the week. Support came in at the 13 SMA on the same screen #D1.
Moving Averages:  
    • The critical 5 EMA, remains crossed bullishly above the 13 SMA, on the Day and Week Screens #D1.
    Indicators:
    • STS remains in the over sold zone #D1.


    Wrap:
    Bears manage a Bearish Harami #W1. Bulls hold it above the daily 13 SMA.




    Looking forward into this Week:

    Patterns:
    • Pin Bar Candle's effect (Study Links herehere or elsewhere) is active on the Month Screen #M1.
    • Three inside down on the Weekly Charts possible (Study Links herehere or elsewhere) #W1.
    Support & Resistance: 
    • Last week's close (2036) and the middle prong for the fork #D1 are the immediate resistances. The lower prong of the Fork #D1, and the weekly 5 EMA (2000) are the immediate supports.
    Moving Averages:
    • Death Cross (55 & 222 SMA), is active on the Day Screen.
    Indicators:
    • RSI 13 going above the 50% mark, is important for the Bull up move #W2.


    Wrap:

    Bulls dominant, 
    after the long term Pin Bar, still look at making a higher high 
    #W1.
    Bears want a lower high, and resumption of the down move, with help from the Bearish Harami #W1.


    India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Channel Top - Week 5 March 2016.













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

    Patterns:
    • Index reaches the top line of the Day Channel #D1.
    Support & Resistance:
    • The Daily 5 EMA, was constant support and the Day Channel Top was 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, heads towards the 50 mark.

    Wrap:
    Pullback to Week Channel bottom progresses, Last weeks action takes the index to the Day Channel Top #D1.



    Looking Forward into this Week:

    Patterns:
    • 'Opening Black Marubozu' (Study Links herehere or elsewhere) is active on the Long Term chart #M1.
    • Channel Top hit on the Day Chart #D1 (Study Links herehere or elsewhere) worth a study.
    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 crack - to start some downward traction.
    Moving Averages: 
    • 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 hope the Pullback from the Weekly 200 SMA, to the Week Channel Bottom #W1, continues.
    Bears expect the resistance at the zone of the Day Channel Top line #D1, to help them get some red on the screen.