Saturday, March 31, 2012

S&P 500 - Triple Screen 'Technical Analysis' - Week: 26 March to 30 March, 2012 - Déjà vu !

The Bulls moved the index up last week, keeping the momentum with them. The Bears, while finishing the week with their last straw in hand, did lose out on the third Bearish Harami in the last two years (see EOW). To answer the question asked last weekend (click here to go to post), Bulls say, Déjà vu !

S&P 500 - End of  Month Chart (EOM) - 30 March 2012  
Long Term View (or) Month Chart with closing prices of each month in a line (or) EOM:
1,456 is the SP 500 reading that should take out the Channel's red Top line in April. Going by the current state of health, this chart looks good for that.

S&P 500 - End of  Week Chart (EOW) - 30 March 2012 
Medium Term View (or) Week Chart, each candle is 1 Week's price action (or) EOW:
We saw that the third time in a row the Bulls bought into the Bearish Harami on the chart above. The 5 EMA acted as take off point for Bulls this week. The RSI being just below the 3 MA, is the only saving grace for the Bears, their straw in hand, as they go into next week and month. 

S&P 500 - End of  Day Chart (EOD) - 30 March  2012  
Short Term View (or) Day Chart, each candle is 1 Day's price action (or) EOD:
SP 500 ended above all the short term MAs, that we study, as above. The Index edged down, and closed below our yellow day Channel's middle line. Rate of climb, is therefore a tad down.

Looking Forward: 
The Bears would seek to press home their mild advantages, as studied in the EOW and EOD. The Bulls are on a roll, and only getting knocked below the Yellow Day channel, would put them in a spot of bother. So one watches the short term MAs - EMA 5, EMA 10 and SMA 13 with a careful eye in the coming week.