Monday, July 28, 2014

S&P 500 - Triple Screen 'Technical Analysis' - Doji - Week 5 of July 2014.



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 25 July'14


S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 25 July'14


S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Jan'14, onward - as on 25 July'14




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

Patterns:
  • Bullish Harami Pattern fails to turn into a Three Inside Up - missing the mark by a narrow 6 point margin #W1.
  • Last candle on the weekly chart is a Doji #W1.
Support & Resistance:
  • Index holds below the 1975 mark early in the week, Bulls take support on the Weekly 5 EMA #W1 and clear this mark to make a new ATH, Bears bring the index back to the mark by Friday - making a Doji. 
Moving Averages:  
  • The 5 EMA and 13 SMA, are bullishly crossed on the EOD #D1.
Indicators:
  • RSI 13 stays in the over bought #W2.
  • TSI continues holding above its crucial Fibonacci level #M2.

Wrap:
Bulls retain control of all Screens and make a new ATH - Bears force index back down to make a Doji week #W1.




Looking forward into this Week:


Patterns:
  • Doji on the Medium Term Screen is now active (Study links herehere or elsewhere).
  • Three Inside Up (Study links herehere or elsewhere), is not active on the medium term chart #W1.
Support & Resistance:
  • EOD channel Bottom is the support while the current ATH #D1 is resistance for the week.
Moving Averages:
  • 5 EMA on the EOW #W1 at a Index reading of 1971 and 1942 the 13 SMA (weekly) are levels the Bulls would want to defend. 
Indicators:
  • Stochastic 34 3 4, staying back in the over-bought zone, works for the Bulls #D2. 


Wrap:
Bulls seek to go above the last ATH i.e. 1991 - Bears want to break the EOD channel bottom #D1.