Saturday, August 25, 2012

S&P 500 - Triple Screen 'Technical Analysis' - Week: 20 August to 24 August, 2012 - Beat by the Last High ?!

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) - 24 Aug, 2012
Above is the Month Chart - EOM - analyzing Data from mid 2009, onward. 

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) - 24 Aug, 2012.
Above is the Week Chart - EOW -  analyzing Data from Q3 2011, onward.

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) -  24 August, 2012.
Above is the Day Chart - EOD -  analyzing Data from Q2 2012, onward.

Learning from the Past Week:  (click here for the post)
Bears deny a Lucky 'seven green candles in a row' to the Bulls (3). 
The Negative divergences seen on the EOD (6) and EOW (4) were read correctly by us, as harbingers of a downturn.
Bulls kept it above the MVWAP 34, on all three screens.
A Bearish Harami (3) is formed on the Weekly Chart, with last weeks candle.
The 'Three Inside Up' (1) Keeps the Bulls Green, this month.
The last High (made earlier this year) as a resistance, held back the Bulls.

Looking forward into the next Week:
RSI reading on the EOW (4), shows divergence and the MA3 and the RSI 9 remain bearishly crossed, however, above the 70 mark, Bulls remain on top.
Bears need to break their nemesis of many weeks, the MVWAP 34 - after moving below the 5 EMA on the EOW.
Bears look to break below the middle line of the Day Channel. 
Bulls seek to break above the middle line of the Week Channel.
A Bearish cross of the 5 EMA and 13 SMA (5) and a Bearish Three Inside down are possible below last week's close (3).
STS position and cross (2) indicates the current long term strength of the Bulls.