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Monday, March 31, 2014

S&P 500 - Triple Screen 'Technical Analysis' - Channel Top Struggle Continues - Week 1 of April 2014.



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 28 Mar'14


S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 28 Mar'14


S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Oct'2013, onward - as on 28 Mar'14



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


Patterns:

  • Index continues its consolidation after the 'Opening White Marubozu' of last week on the EOW #W1, month candle goes red again #M1. 
Support & Resistance:
  • Bulls resisted near the current ATH, Index takes support at the Daily channel bottom #D1. 
Moving Averages:  
  • On the Day Chart, the 5 EMA and 13 SMA deflect bearishly #D1. 
Indicators:
  • RSI 13, meanders to the 50s #W2.
  • True Strength Indicator struggles to stay under the 74.6% Fibonacci retrace (between its High and Low) on the long term charts #M1


Wrap:
Bears defend current ATH - Bulls close the week inside the Day channel #D1 



Looking forward into this Week:


Patterns:
  • The second weekly 'Opening White Marubozu' (Study link herehere or elsewhere) of March is now active - it continued the consolidation process last week #W1. 
Support & Resistance:
  • 13 SMA on the Week Charts (1836) #W1, continues as support for the Bulls for the 7th week now, while the Week Channel Top #W1 remains resistance.
Moving Averages:
  • Bullish cross or Bearish Deflection of the 5 EMA and the 13 SMA on the EOD #D1 is on the cards as they are in close proximity. 
Indicators:
  • Stochastic 34 3 4, slipping below the over-bought zone, works for the Bears #D2. 
  • TSI staying above the 76.4% Fibonacci retrace line, favors the Bulls #M2.


Wrap:
Bears hope to get below 1836 - Bulls need the 5 EMA crossing above the 13 SMA on the EOD #D1.