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Monday, October 14, 2013

S&P 500 - Triple Screen 'Technical Analysis' - Bulls revive '3 inside up' :- Week: 07 October to 11 October, 2013.



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 11 Oct'13



S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug' 2011 onward - as on 11 Oct'13



S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from July'2013, onward - as on 11 Oct'13



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


Patterns:
  • Despite a volatile week Bulls maintain the 'Three Inside up' (study) in progress #M1, seen last week.  
Support & Resistance:
  • The short Term Channel Bottom was support for the Bulls last week  #D1.
  • Last 'All time High' was the nearest resistance #D1.
Moving Averages:  
  • 5 EMA and 13 SMA cross Bullishly on Friday last (EOD) #D1.
  • Index which was heading towards the 200 SMA on the EOD #D1 - turns around and heads  for the last 'All time High'.
Indicators:
  • RSI 13 returns from the overbought #W2.
  • Month Chart Oscillator remains below the over-bought, after the August Close #M2.


Wrap:
Bulls keep the 'Three Inside Up' in progress on the Long Term .. despite the intra-week dive.




Looking forward into the next Week:


Patterns:
  • On the Long Term Chart a Bullish 'Three  Inside Up' (study) continues to be in-progress for October ..
Support & Resistance:
  • 34 EMA  and 200 SMA on the Short Term Chart are Support for the Bulls, while the 'All Time High' Line and the Channel Tops #D1 are resistances.
Moving Averages:
  • Staying above the 5 EMA on the EOM #M1 - shows long term strength of the Bulls.
  • RSI staying below the oversold, with its divergence to Price apparent, #W2, important for Bears.
Indicators:
  • Oscillator #M2 keeping below oversold favors the Bears.
  • Stochastic 34 3 4 getting back to the over bought zone, will work for the Bulls #D1


Wrap:
Bulls hope the 'Three Inside Up' #M1, forms in October - Bears want life below the 5 EMA on the EOW #W1.