Sunday, March 31, 2013

S&P 500 - Triple Screen 'Technical Analysis' - Week: 22 March to 28 March, 2013 - Knocking at the All Time High

S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 28 March'13

S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from OND, 2011 onward - as on 28 March'13

S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Nov'2012, onward - as on 28 March'13

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

Bulls pull off a Green Candle to deny the Bears a 'Three Inside Down' #W1
March candle closes above the (earlier) Month Channel - new Month channel shown now... #M1, #W1& #D1.
Bulls come close to the all time High last week - 1576 - Bears defend this next resistance #M1.
Earlier in the week - 5 EMA and 13 SMA that we were watching - choose to deflect and give the Bulls some green #D1.
Triple top on Long Term Charts - keeps the Bear hopes high.
Bulls keep index above the 5 EMA on all three screens.
RSI #W2, and its MA re-crossed bullishly.

Bulls control all three screens and the Bears defend the 'All Time High' Line.

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:

Day channel's, bottom green line #D1, is the support for the Bulls.
Bulls aim for the all time high of the SP500 (1576) - resistance #W1 or #M1.
Price, below the 5 EMA on the EOW #3, is the point where the bears see strength.
Triple Top on the Long Term Screen, remains the bane of the Bulls for some more time
5 EMA and 13 SMA on day charts #D1, crossing near the 'All Time High' would be good for Bears.
Divergence on the MACD Histogram -  #D2 - yet to produce results for Bears.

With the price hovering close to the 'All Time High', focus is on that resistance and the Bull's ability to crack it.