|S&P 500 - End of Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 04 Oct'13|
|S&P 500 - End of Week Chart (EOW) - Channel analyzing Data from Aug' 2011 onward - as on 04 Oct'13|
|S&P 500 - End of Day Chart (EOD) - Channel analyzing Data from July'2013, onward - as on 04 Oct'13|
Learning from the Past Week: (click here for the previous post)
- August and September Candles form a Bullish Harami - October Candle to-date looks like making it a Bullish 'Three Inside up' (study).
- The short Term 34 EMA was support for the Bulls last week #D1.
- Day Chart 13 SMA was the nearest resistance #D1.
- 5 EMA and 13 SMA stay crossed Bearishly on the EOD charts #D1.
- Index ends near the 5 EMA on the Medium and well above the 5 EMA on the long Term Charts #W1, #M1.
- RSI 13 returns from the overbought #W2.
- Month Chart Oscillator remains below the over-bought, after the August Close #M2.
Bears almost get their wish to get below the 5 EMA (EOW), Bulls get a 'Three Inside Up' in progress on the Long Term..
Looking forward into the next Week:
- On the Long Term Chart a Bullish 'Three Inside Up' (study) is in progress for October ..
Support & Resistance:
- 34 EMA on the Short Term Chart is the nearest Support for the Bulls, while the 13 SMA #D1 is resistance.
- Beyond these the 76.4% Fibonacci Retrace #M1 - is the next major support and the Month Channel Top (blue) is the resistance seen, #M1.
- Staying above the 5 EMA on the EOM #M1 - shows long term strength of the Bulls.
- Staying below the 13 SMA on the EOD #D1 important for Bears in the short term.
- 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
Bulls hope the 'Three Inside Up' #M1, forms in October - Bears want life below the 5 EMA on the EOW #W1.