Sunday, June 30, 2013

S&P 500 - Triple Screen 'Technical Analysis' - Week: 24 June to 28 June: 2013 - Bulls Pullback




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



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



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





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



Patterns:
  • Three inside down on the Weekly chart #W1 - studied earlier - takes a break even as the Bulls make some green.
  • Bearish Harami on the Long Term Charts  #M1.

Support & Resistance:
  • Bulls bring up the index to the channel bottom #D1 - and get stopped in their pull back attempt.

Moving Averages:
  • 5 EMA touching the 13 SMA on the Medium term charts #W1  & the Day Screen #D1.
  • June closes above the 5 EMA  #M1.
  • Bulls miss a close above the 13 SMA on the Week Charts #W1 - by a whisker.

Indicators:
  • RSI and its MA remain below oversold #W2.
  • Oscillator stays below the 50 mark #D2.



Bulls 'Pull back' to our identified resistance - Day Channel's Bottom Green Line #D1..and stop..






Looking forward into the next Week:


Patterns:

Support & Resistance:
  • Day channel's, bottom green line #D1 remains the resistance for the Bulls.
  • The 76.4% Fibonacci Retrace - remaining around the last consolidation cluster #M1, is good for Bears.

Moving Averages:
  • Closing above the 5 EMA on the EOM #M1 - shows long term strength of the Bulls.
  • 5 EMA & 13 SMA  #W1  - Deflection is good for Bulls and Cross helps Bear Cause.
  • 5 EMA & 13 SMA  #D1  - Deflection is good for Bears and Cross helps Bull Cause.

Indicators:
  • Oscillator staying sub 50 despite the up move is good for bears #D2.




Bears eye the potential 3 inside down #M1, Bulls call for a deflection of the 5 EMA and 13 SMA #W1.