Tuesday, April 8, 2014

S&P 500 - Triple Screen 'Technical Analysis' - Shooting Star - Week 2 of April 2014.



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 06 Apr'14


S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 06 Apr'14


S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Oct'2013, onward - as on 06 Apr'14




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


Patterns:

  • Index continues its consolidation with a shooting star on the EOW #W1.
Support & Resistance:
  • Bulls resisted near the current ATH, Index takes support at the Daily channel bottom again #D1. 
Moving Averages:  
  • On the Day Chart, the 5 EMA and 13 SMA cross Bullishly #D1. 
Indicators:
  • RSI 13, meanders to the 50s #W2.


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



Looking forward into this Week:


Patterns:
  • The weekly 'Shooting Star' (Study link herehere or elsewherecandle is active  #W1. 
Support & Resistance:
  • Bulls take support at the Daily Channel Bottom #D1 for the 2nd week now, while the Week Channel Top #W1 remains resistance.
Moving Averages:
  • MVWAP 34 on the EOD #D1 is now the critical stop for Bulls #D1.  
Indicators:
  • Stochastic 34 3 4, slipping below the over-bought zone, works for the Bears #D2. 


Wrap:
Bears look to get below 1836 - Bulls wish to keep the MVWAP 34 on the EOD below their hooves #D1.