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Monday, November 3, 2014

S&P 500 - Triple Screen 'Technical Analysis' - Hanging Man with a Broadening Top - Week 1 of November 2014.



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 31 Oct'14


S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 31 Oct'14



S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Jan'14, onward - as on 31 Oct'14





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

Patterns:
  • October Candle is a Green Hanging Man #M1.
  • Index rises from the Day Channel Bottom to ATH - Possible Broadening Top (see Megaphone pattern) in progress on the Day Charts #D1.
Support & Resistance:
  • Bulls after defending the Month channel bottom on the EOM #M1, push for a new ATH #D1.
  • Bears however hold the previous ATH, by last week end #W1.
Moving Averages:  
    • 5 EMA and 13 SMA, touch for a Bullish Cross or Bearish deflection #W1.
    Indicators:
    • RSI 13 meanders into the 60s #W2.

    Wrap:
    Bulls take off from the Long Term Channel bottom #M1 with a weekly Hammer #W1, and now top the chart with a monthly Hanging Man #M1. 
    Bears defend the ATH #W1 and present a Megaphone #D1.




    Looking forward into this Week:

    Patterns:
    • Hanging Man (Study Links herehere or elsewhere) active in the Long Term screen #M1.
    • Broadening Top (Study Links herehere or elsewhere) forming on the Day Chart needs to be watched #D1.
    Support & Resistance: 
    • Broadening Top Pattern's Top line #D1, and the All Time High (ATH) are resistances.
    • The 5 EMA and 13 SMA cross Bullishly, if index closes this week above 1985, this is the next decent Support #W1.
    Moving Averages:
    • The Index is currently above all the MAs that we track.
    Indicators:
    • TSI holds above the 76.4% Fibonacci retrace #M2.


    Wrap:
    Bulls after hammering their way to the All Time High (ATH), with some help from the Broadening Top #D1, face the Hanging Man now.
    Bears pray the Broadening Top and Hanging Man Combination works in their favor.