Saturday, June 23, 2012

S&P 500 - Triple Screen 'Technical Analysis' - Week: 18 June to 22 June 01 2012 - Bears do it sideways..

Learning from the Past Week:
We had concluded last week's study, noting that the Bull Run was on pause, until the EOW's channel resistance and the 5 EMA on the EOM are cleared.
Last week's red candle, while closing above the EOW channel - did  not make it past he EOM chart's 5 EMA.
Bears therefore have put up a strong fight last week.
Lets see what they will do next...

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) - 22 June, 2012

We saw the Blue middle line of our EOM channel holding the Index (click) last month - and so it did.
Below the 5 EMA the current close of the Month's candle is weak.
Overall however the Bulls are in command of this screen.
The developing Bullish Harami of the last two candles above, is still on...

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) - 22 June, 2012.

A clear pop above the channel top shows the Bull resolve of last week.
Close above the 5 EMA and the MVWAP 34 - add to above.
RSI looks like it can go below its MA - Bearish.

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) -  22 June, 2012.

A strong show early in the week and a whimper towards the end - summarizes the Bull action last week.
Falling out of the day channel and supported by the week channel top - Bears moved it SIDEways last week.
Closing below the 5 EMA - but above the MVWAP 34 - the short term is in neutral zone.
Histogram is ticking down fast...

Looking forward into the next week:
Staying above the EOW channel (white) top - Bulls would stay safe.
Bears would want to keep the Index (EOD & EOM screen) below the 5 EMA.
Watch the RSI on the EOW.
One expects the Bears to press home their recently acquired advantage.