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Monday, February 6, 2017

US - S&P 500 - Triple Screen 'Technical Analysis' - Fork Top Holds - Week 1 of February 2017.










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


Patterns:
Index faces resistance at the Monthly Fork's top Tyne again #Monthlychart.


Support & Resistance:
The Index again gets support near the Middle Tyne of the Day Fork #Dailychart. Resistance was again 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 is oversold #WeeklyChart. 


Wrap:  

The top tyne of the Month fork resists the Bulls again #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 (2282), is the mark, that the Bears want to close below, this week #WeeklyChart.

Indicators:
STS slips from the over sold #DayChart.


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

Bears hope to use the current resistance to go down below 2282 #Weeklychart.