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Monday, June 2, 2014

S&P 500 - Triple Screen 'Technical Analysis' - Marubozu on High - Week 1 of June 2014.



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 30 May'14


S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 30 May'14


S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Jan'14, onward - as on 30 May'14






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

Patterns:
  • Bulls make a Marubozu #W1.
Support & Resistance:
  • Index holds gains - the 5 EMA was support both on the Week Charts #W1 and Day charts #D1. 
  • New ATH made.
Moving Averages:  
  • The 5 EMA and 13 SMA #D1 deflection produces.gains for Bulls. 
Indicators:
  • RSI 13, stagnates in the 60s #W2.
  • TSI continues holding above its crucial Fibonacci level #M2.

Wrap:
Bulls dominate all 3 screens - Bears get to defend a new ATH (All time High).




Looking forward into this Week:


Patterns:
  • The Medium Term Marubozu (Study link herehere or elsewhereis active  #W1. 
Support & Resistance:
  • 5 EMA on the EOW #W1 at a Index reading of 1895 is support for the week, while the Week Channel Top #W1 remains resistance.
Moving Averages:
  • 5 EMA on the EOD #D1 - 1917 for Monday - would be the first line, Bears want to get below.
Indicators:
  • Stochastic 34 3 4, staying back in the over-bought zone, works for the Bulls #D2. 


Wrap:
Bulls like a continuation of life above the 5 EMA on the Day charts - Bear future lies a reversal of the index, to below the 13 SMA on the Weekly charts #W1.