|S&P 500 - End of Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 27 Dec'13|
|S&P 500 - End of Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 27 Dec'13|
|S&P 500 - End of Day Chart (EOD) - Channel analyzing Data from Oct'2013, onward - as on 27 Dec'13|
Learning from last Week: (click here for the previous post)
- Bullish '3 Inside up' #M1, on the Long Term Charts keeps November and December candles green, with a new ATH.
- Index moves up with good momentum above th 5 EMA on the EOD all of last week #D1.
- EOW channel top resistance (orange line) helps Bears hold up the rally #W1.
- The Month candle stayed above the 5 EMA showing the long term strength of the Bulls #M1.
- Bulls with the new ATH, end above all the MAs we track across all screens, for the second week running.
- RSI 13, stays in the overbought #W2.
- Month Chart Oscillator slides below the overbought, after the August Close #M2.
Bulls keep well above the 5 EMA on the EOD to get another new ATH - Bears hold fort at the EOW channel top #D1..
Looking forward into this Week:
Support & Resistance:
- 200 SMA and EOD channel Bottom on the Short Term Chart are Support for the Bulls.
- 'All Time High' Line and the Channel Top #W1 are resistances.
- Bulls dominate all three screens.
- Bears need to get below the 5 EMA on the EOW (1808) to get a life #W1.
- Stochastic 34 3 4 in the overbought zone, works for the Bulls #D1.
- MACD and its MA meet up for a cross or deflection #D1.
Bears see life below 1808 and trust the EOW channel top #W1 continues to hold the Bulls - Bulls expect to make new highs and keep December's candle green #M1.