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Monday, April 18, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Star Power - Week 3 of April 2016.




 

 




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


Patterns: 

  • Bulls keep the force up, with a deflection off the Fork bottom #D1.
  • Index feels the power of the Morning Star #M1, with a green week #W1.
Support & Resistance:
  • Index rises above the daily 5 EMA early in the week. Support at the Fork's bottom #D1, helps the Bull up-move #D1.
Moving Averages:  
  • The critical 5 EMA, moves bullishly above the 13 SMA, on the Day Screen #D1.
Indicators:
  • STS remains in the over sold zone #D1.


Wrap:
Bears keep index below the previous High #W1. Bulls continue to hold it above the daily 222 SMA.




Looking forward into this Week:

Patterns:
  • Morning Star (Study Links herehere or elsewhere), is active on the Month Chart #M1.
Support & Resistance: 
  • Last High (2116) is the resistance to beat. The Daily 222 SMA #D1, is the support, that Bulls want to stay above.
Moving Averages:
  • Death Cross (55 & 222 SMA), is active on the Day Screen.
Indicators:
  • TSI is above the 50 mark #M2.


Wrap:
Star struck Bulls, see a higher high and a move to the ATH #W1.
Bears look to slip below the Fork, this week, and then below the 222 SMA #D1.



India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Broadening Top - Week 3 of April 2016.






 



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

Patterns:
  • Index Pops out of the Day Channel, with a single candle  #D1.
  • A Broadening Top forms on the Day or shorter TF #D1.
Support & Resistance:
  • The Broadening Top Pattern was support, while the 200 SMA and the Broadening Top was Resistance last week  #D1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA, are crossed Bearishly on the Month Screen #M1.
Indicators:
  • The redrawn TRD #M2, is facing resistance at the mid point (50% Fibo).

Wrap:
Pullback to Week Channel bottom in progress, Day Channel Top resistance breaks and Broadening Top forms #D1.



Looking Forward into this Week:

Patterns:
  • 'Opening White Marubozu' (Study Links herehere or elsewhere) is active on the Long Term chart #M1.
  • Broadening Top, is the next challenge for Bulls, on the Day Chart (Study Links herehere or elsewhere)  #D1.
Support & Resistance:
  • Immediate resistance is the Broadening Top & 200 SMA on the Day Screen #D1. Bulls aim for 8040, the 'Fibonacci 76.4% retrace of the 2010 low to the ATH)'  #W1.
  • Next Support is the Daily 50 SMA or Broadening Top #D1,  Bears would want life under 7367, the 'Fibonacci 61.8% retrace of the 2010 low to the ATH)'  #W1.
Moving Averages: 
  • The Death Cross (50 and 200 SMA) has been active for the past 6+ months #D1.
Indicators:
  • The MACD crossing to above its MA and histogram ticking above the zero line, is good for Bulls #M2.


Wrap :
Bulls see the Pullback from the Weekly 200 SMA, to the Week Channel Bottom #W1 continuing, with an upward break out, from the Broadening Top #D1.
Bears seek help from the resistances discussed to enable a deep dive, to below 7367, to take the index to below the Weekly 200 SMA #W1.