Learning from the Past Week:
Bulls surged ahead last week - bouncing off the Middle channel line.
The confluence of support we identified on the EOD, the week before last - was the take off point for bulls (click).
Butting into the Channel top on the EOW - the Bulls need a strong push in the week to come.
S&P 500: Long Term View (or) Month Chart (each candle is 1 month's price move) (or) EOM Chart:
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| S&P 500 - End of Month Chart (EOM) - 15 June, 2012. |
The 5 EMA stopped the Bulls last week.
This Screen remains with the Bulls.
If the June Candle remains green then one sees a 'Bullish Harami' in place - and the next Bull charge?
S&P 500: Medium Term View (or) Week Chart (each candle is 1 week's price move) (or) EOW Chart:
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| S&P 500 - End of Week Chart (EOW) - 15 June, 2012. |
The EOW Channel top stopped the Bulls last Week.
Staying well above the MVWAP 34 - Bulls almost made a channel break out.
The new EOW channel above - is the old EOD channel.
Failure to break above the Channel would mean continuation of the steep fall shown in the chart.
S&P 500: Short Term View (or) Day Chart (each candle is 1 day's price move) (or) EOD Chart:
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| S&P 500 - End of Day Chart (EOD) - 15 June, 2012. |
The new Day channel formed due to the recent price action is the fastest one in recent times.
Closing above the MVWAP 34 - one sees the Bulls stopped by the white EOW channel top line.
Staying within the yellow channel - Bulls could breakout big.
Bears would push for a re-test of the Blue Monthly Channel line.
Looking Forward into the next week:
The 5 EMA on the EOM chart and the Channel top on the EOW are formidable resistances.
Bull run on pause until they are cleared.
A potential Bullish Harami on the EOM needs to be watched.
