Saturday, May 26, 2012

S&P 500 - Triple Screen 'Technical Analysis' - Week: 21 May to 25 May, 2012 - Midpoint Holds

Learning from the Past Week:
We came into last week, with the market deep in the red.
As suggested last week (click) - the Channel Mid point held the Bears.
The MVWAP 34 on the EOW, also gave some solid support for the Bulls.
We had the Bulls smile with a green candle, after three red ones - Bingo!
What's next - up or down? Lets see the screens....

S&P 500: Long Term View (or) Month Chart (each candle is 1 month's price move)  (or) EOM Chart:
S&P 500 - End of  Month Chart (EOM) - 25 May, 2012. 

The Middle line of our channel, stopped the Bears last week.
Bulls emphasized that they own this screen - with last week's action.
Closed the week above the 13 SMA, and below our other MAs.
Last three candles show a cool example of a bearish 'Three Inside Down' (click) even now.

S&P 500: Medium Term View (or) Week Chart (each candle is 1 week's price move) (or) EOW Chart:
S&P 500 - End of  Week Chart (EOW) - 25 May, 2012.

Perfect landing on the MVWAP 34 and a nice bounce from there.
This screen is back to Neutral - with the Bulls having the last word.
Moving above 1333 would put life into the Bull action next week.
Bears look at breaking the MVWAP 34 on the downside.

S&P 500: Short Term View (or) Day Chart (each candle is 1 day's price move)  (or) EOD Chart: 
S&P 500 - End of  Day Chart (EOD) - 25 May, 2012.

Bulls started the week with a Bang, and finished with a whimper.
Close below the 5 EMA, keeps this screen officially red for now.
Breaking the 10 EMA resistance and keeping above the Blue line should keep the Bulls in play.
Good show on the MACD Histogram after last week's + divergence.

Looking Forward into the next week:
Bulls have pulled one back.
Keeping it above 1300 for month close would be important for Bulls.
Breaking the MVWAP 34 on EOW - would be the next task for Bears.
Bulls have staved off an imminent midlife crisis, with last week's action.
Now to follow up that action with some consolidation.