TO READ THIS WEEK's POST CLICK HERE...

Monday, December 23, 2013

S&P 500 - Triple Screen 'Technical Analysis' - 3 inside up green - Week 4 of December 2013.



S&P 500: Long Term View (or) EOM Chart (or) Month Chart - each candle is 1 month's price action 



S&P 500: Medium Term View (or) EOW Chart (or) Week Chart - each candle is 1 week's price action 



S&P 500: Short Term View (or) EOD Chart (or) Day Chart - each candle is 1 day's price action




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

Patterns:

  • Bullish 'Inside up' #M1, on the Long Term Charts kept November green - December candle turns green after honors are wrested back by Bulls with a new ATH.
Support & Resistance:
  • Index takes off from support at the 13 SMA on the EOW #W1 and sail above our mark of 1785 to make a new ATH. 
  • EOW channel top was nearest resistance #W1.
Moving Averages:  
  • With the Bullish cross of the 5 EMA and 13 SMA - Bulls get their direction last week.
  • Bulls with the new ATH, end above all the MAs we track across all screens.
Indicators:
  • RSI 13, manages to stay in the overbought #W2.
  • Month Chart Oscillator remains below the over-bought, after the August Close #M2.


Wrap:
Bulls take off from support at the 13 SMA on the EOW #W1 to get a new ATH - Bears hold the EOW channel top..



Looking forward into this Week:


Patterns:
  • Long Term Chart's Bullish 'Three Inside up' (Study link herehere or elsewhere) #M1 - still active.
Support & Resistance:
  • 200 SMA and EOD channel Bottom on the Short Term Chart are Support for the Bulls, while the 'All Time High' Line and the Channel Top #W1 are resistances.
  • Bulls dominate all three screens.
Moving Averages:
  • Bears need to get below the 5 EMA on the EOW (1797) to get a life #W1.
Indicators:
  • Stochastic 34 3 4 in the overbought zone, works for the Bulls #D1


Wrap:
Bears see life below 1797 and trust the EOW channel top #W1 holds the Bulls - Bulls expect to make new highs and keep December's candle green #M1.