|S&P 500 - End of Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 14 December, 2012|
|S&P 500 - End of Week Chart (EOW) - Channel analyzing Data from Aug' 2011 onward - as on 14 December, 2012|
|S&P 500 - End of Day Chart (EOD) - Channel analyzing Data from Nov'2012, onward - as on 14 December, 2012|
Learning from the Past Week: (click here for the post)
Bulls fail to move back into the Week Channel #3 and Bears see a Red Candle for the week.
Bearish Deflection of the 5 EMA and 13 SMA on the EOW #3 - seems likely.
Bearish Cross of the above MAs on the EOD #5 also imminent.
Index slithers along. at or around the bottom line. of the EOW channel #3, #5.
Bulls manage to keep above the 34 MVWAP on the EOD #5.
Bears close index below the critical 13 SMA on the week charts #3.
Last week again saw the Bulls and Bears maintain status 'quo on the medium term and short term - bears go stronger into the next week.
Looking forward into the next Week:
Bearish Deflection and Cross of 5/13 MAs that we track, looks on next week on EOW and EOD #3, #5.
Bulls need to move back decisively into the EOW channel to avert a slide #3.
Above the 5 EMA the Bulls retain Long Term strength #1.
Below the 13 SMA the Bears gain an edge in the medium term #3.
Resistance continues at the EOW channel bottom, support is at the '23.6% Fibonacci retrace of the Oct'07 High and Mar'09 Low' #1.
Bears showed some strength last week, by positioning the index for a bearish move - now to see if they can take it down.