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Monday, January 30, 2017

US - S&P 500 - Triple Screen 'Technical Analysis' - 25 year Fork - Week 5 of January 2017.










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


Patterns:
Bulls produce enough power to reach our resistance, the Monthly Fork's top Tyne  #Monthlychart.

The Month Fork from toe to tip spans 25 years.

Support & Resistance:
The Index again gets support near the Middle Tyne of the Day Fork and #Weeklychart. Resistance was precise at the Top Tyne of the Month Fork #Monthlychart.

Moving Averages:
The critical EMA5, is bullishly above the MA13, on all Screens. 

Indicators:
The RSI at the oversold #WeeklyChart. 


Wrap:  
Index leaps up with a large green candle to make our target of the last many months - the top tyne of the Month fork #Monthlychart.




Looking forward into this Week:


Patterns:

Month fork with a Span of 25 years - sees the Price touch its top tyne and revert. Bulls need to breakout here, or index could fall to the fork's middle tyne.

Support & Resistance:
Middle Tyne of the Week Fork, is support and the Top Tyne of the Month Fork is again resistance.

Moving Averages:
5 EMA on the Week chart, is the mark, that the Bears want to close below, this week #WeeklyChart.

Indicators:
STS stays in the over sold #DayChart.


Wrap:
Bulls are at the Long term Channel top, now need a breakout #MonthChart.

Bears hope to use the current critical resistance for a deep correction below the previous high #Weeklychart.