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Thursday, April 5, 2012

EOD Technical Analysis, S&P 500 - 04 April 2012 - Bulls on Channel Support..


Nifty - End of Day - 04 April  2012     
We concluded Triple Screen Technical Analysis, last weekend (click to see),  with a note that the short term MAs viz. 5 EMA, 10 EMA and 13 SMA, be watched closely ( EOD). So here is an intra-week update.

Bears did press home their mild advantages, the last three candles in the circle marked belong to the first 3 days of this week. As you can see the Bears have closed below our short term MAs and taken support exactly on our channel's bottom line.

Bulls remain in the game, if above the channel bottom. We look at channel break, or bearish cross of the 5 EMA below the 13 SMA, to give us an indication of Bear strength.