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Monday, August 18, 2014

S&P 500 - Triple Screen 'Technical Analysis' - Touch 'n go - Week 3 of August 2014.



Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 14 Aug'14


Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 14 Aug'14



Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 14 Aug'14




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

Patterns:
  • Three Inside Up fails to form on the Weekly Charts #W1.
Support & Resistance:
  • Index pops out of last week's EOD channel - new channel seen #D1.
  • Index closes exactly at the 13 SMA (1955), just above the 5 EMA (1950) but fails to ensure a Bullish cross of the 5 EMA and 13 SMA, on the EOW (1957) last week #W1.
Moving Averages:  
    • The weekly 5 EMA and 13 SMA, continue to stay in 'Touch' - to cross bearishly or deflect bullishly #W1.
    Indicators:
    • RSI 13 meanders in the 60s #W2.
    • TSI under pressure. to continue holding, above its crucial Fibonacci level #M2.

    Wrap:
    Bulls retake the Short Term Screen, Bears however keep Medium Term Screen in the neutral zone.




    Looking forward into this Week:


    Patterns:

    • Advantage Bears for keeping the Three Inside Up (Study Links herehere or elsewhere)  on the EOW, from forming #W1.
    Support & Resistance:
    • EOD channel Bottom and the monthly 5 EMA (1911) are the supports.
    • The deflection point for the Medium Term 5 EMA & 13 SMA (1966) #W1, is resistance to beat, for the Bulls.
    Moving Averages:
    • The critical 5 EMA and 13 SMA on the EOW, will stay on Bullish deflection course, if Index closes above 1966, this week #W1
    Indicators:
    • TSI holding above the Fibonacci level 76.4%, works for the Bulls #M2.


    Wrap:
    Bulls seek deflection of the 5 EMA and 13 SMA #W1 continuing, by closing above 1966.
    Bears would want to see the first monthly close below the 5 EMA (1911) after May 2012 #M1.