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Monday, August 4, 2014

S&P 500 - Triple Screen 'Technical Analysis' - High Wave - Week 1 of August 2014.



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 01 Aug'14



S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 01 Aug'14



S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Jan'14, onward - as on 01 Aug'14





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

Patterns:
  • Doji of previous week on the EOW chart, works for the Bears #W1.
  • Last candle on the EOD chart is a High Wave #D1.
Support & Resistance:
  • Breaking the earlier EOD channel bottom (see last week's post), Index dives below the weekly 13 SMA #W1, to halt just above the 5 EMA (1911) on the Monthly Screen #M1.
Moving Averages:  
  • The weekly 5 EMA and 13 SMA, are poised to cross bearishly or deflect bullishly #D1.
Indicators:
  • RSI 13 slips below the over bought #W2.
  • TSI under pressure. to continue holding, above its crucial Fibonacci level #M2.

Wrap:
Bulls lose control of the short term screen - Bears force index back down, to near the monthly 5 EMA #W1.




Looking forward into this Week:


Patterns:

  • High Wave on the Short Term Screen is now active (Study links herehere or elsewhere).
Support & Resistance:
  • Current EOD channel Bottom and the monthly 5 EMA (1911) are the supports while the 13 SMA (1945) #W1 is resistance to beat, for the Bulls.
Moving Averages:
  • The critical 5 EMA and 13 SMA on the EOW, will cross bearishly, if Index closes below 1921, this week #W1
Indicators:
  • TSI holding above the Fibonacci level 76.4%, works for the Bulls #M2.


Wrap:
Bulls seek a deflection of the 5 EMA and 13 SMA, by closing this week above 1921 - Bears would want to see the first monthly close below the 5 EMA (EOM) after May 2012 #M1.