Sunday, March 3, 2013

S&P 500 - Triple Screen 'Technical Analysis' - Week: 25 February to 01 March, 2013 - Bulls Sweat over Channel Top Stop

S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 01 March'13

S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from OND, 2011 onward - as on 01 March'13

S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Nov'2012, onward - as on 01 March'13

Learning from the Past Week:  (click here for the post)

Day Channel bottom Support, #D1, helps the Bulls, a green Doji week seen.
#M1, #W1, #D1 - show us that the Month Channel's red top line, is a strong resistance to the price line.
5 EMA and 13 SMA on the EOD charts #D1, which was seen crossing bearishly last week, look  poised for a cross or deflection again.
RSI #W2, and its MA cross bearishly while the action at the STS #M2 shows the Bull's Long Term Strength.
Bulls retake the short term screen #D1 & #D2. 
MVWAP 34, supports price again #D1.

Bulls keep above critical MAs on all three screen - Bears hold the Long Term Channel Top - Doji Week once again..

The Ellipses marked #M1, #W1 and #D1 indicate the hot spots on the long, medium and short term charts respectively.
As one can see - we are zooming into the action starting #M1 through #W1 and get up close in #D1.

Looking forward into the next Week:

Month channel's, top red line #M1, continues to be a crucial resistance for Bulls.
The MVWAP 34 on the EOD and the Day channel bottom #D1, remains the support.
Holding the price, below the 5 EMA on the EOW #3, is the next task for the Bears.
Bullish cross of the 13 SMA with 5 EMA on the Day charts #D1 critical for the Bulls - Bearish Deflection at this stage, would be a boon for the Bears.
The Long Term Channel Top #M1 is our resistance and the Short Term Channel Bottom #D1 is our Support.

The Bullish cross / deflection of critical MAs (5 EMA & 13 SMA) on the Short Term Screen #D1 needs a watch as does the action near the Resistance #M1 & Support #D1 that we studied above.