S&P 500 - Triple Screen 'Technical Analysis' - New Year Reds - Week 2 of January 2014.

S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 03 Jan'14

S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 03 Jan'14

S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Oct'2013, onward - as on 03 Jan'14

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

Patterns:

• Bullish '3 Inside up' #M1, on the Long Term Charts kept November and December candles green, with a new ATH.
• A Bearish Harami is formed by the last two candles on the Medium Term Charts #W1.

Support & Resistance:

• Index slides well below the 5 EMA on the EOD all of the new year, enough to paint the week red  #D1, #W1. 
• EOW channel top resistance (orange line) violated, but does hold up the Bulls #W1.

Moving Averages:  

• The Month candle stayed above the 5 EMA showing the long term strength of the Bulls #M1.
• Bulls close above the 5 EMA on the EOW to demonstrate that they ended the week strong #W1.

Indicators:

• RSI 13, stays in the overbought #W2.
• Month Chart Oscillator remains below the overbought, after the August'13 Close #M2.

Wrap:

Bulls start the year on a red note but retain strength - Bears manage to hold fort at the EOW channel top #D1, #W1..

Looking forward into this Week:

Patterns:

• Long Term Chart's Bullish 'Three Inside up' (Study link here, here or elsewhere) #M1 - still active.
• Three Inside Down (Study links here, here or elsewhere), can trigger on Medium Term Screen, if this week's close is below 1831 #W1. 

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.

Moving Averages:

• Bears need to get below the 5 EMA on the EOW to get a life #W1.
• Bulls need to keep the 5 EMA on the EOD above the 13 SMA to keep their life #D1.

Indicators:

• Stochastic 34 3 4 in the overbought zone, works for the Bulls #D1.
• Oscillator popping into the over-bought this month, can set the Bulls free #M1.  

Wrap:

Bears trust the EOW channel top #W1 holds the Bulls - Bulls seek to get green back into 2014 candles (Day, Week & Month).