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Monday, November 24, 2014

S&P 500 - Triple Screen 'Technical Analysis' - Hanging Man with a Broadening Top Pop !!! - Week 4 of November 2014.



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 22 Nov'14


S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 22 Nov'14


S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Jan'14, onward - as on 22 Nov'14




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

Patterns:
  • October Candle the Green Hanging Man #M1, produces a Bullish Continuation for now.  
  • Index rises from the Day Channel Bottom to fresh ATH - producing a perfect 'Broadening Top' on the Day Charts, index pops out of the 'top' #D1.
Support & Resistance:
  • Bulls after defending the Month channel bottom on the EOM #M1, get yet another ATH #D1.
  • Bears pushed back to defending the Weekly channel top #D1, #W1.
Moving Averages:  
    • Daily 5 EMA and 13 SMA, mildly deflect Bullishly #D1.
    Indicators:
    • RSI 13 still in the 60s, divergence to price seen #W2.

    Wrap:
    Bulls pop out of the Broadening top on the EOD after keeping above the daily 5 EMA all the way from the Channel bottom i.e. for 26 days. 
    Bears fail to defend the Broadening Top's top and are near the weekly channel top (orange) #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) seen on the Day Chart - follow up to be watched #D1.
    Support & Resistance: 
    • Weekly Channel Top #W1 and current All Time High (ATH) are resistances.
    • The 5 EMA on the daily charts and on weekly charts (2026) are the supports, Bears want to break #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 popping above the 'Broadening Top' on the EOD #D1, look to negotiate the Hanging Man's effect by month end.
    Bears look to defend the Weekly channel top #W1 and crack that elusive 5 EMA on the Day Chart #D1.