TO READ THIS WEEK's POST CLICK HERE...

Monday, December 1, 2014

S&P 500 - Triple Screen 'Technical Analysis' - Channel Top - Week 4 of November 2014.



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 28 Nov'14


S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 28 Nov'14


S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Jan'14, onward - as on 28 Nov'14




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

Patterns:
  • October Candle the Green Hanging Man #M1, produces a Bullish Continuation in November.  
  • Index close to the Medium Term Channel Top #W1.
Support & Resistance:
  • Bulls after defending the Month channel bottom on the EOM #M1, almost reach the Week Channel Top #W1.
Moving Averages:  
    • Daily 5 EMA and 13 SMA, stay deflected Bullishly #D1.
    Indicators:
    • RSI 13 still in the 60s, divergence to price seen #W2.

    Wrap:
    Bulls earlier popped 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 31 days. 
    Bears hold back the index 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 for re-forming top #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 (2040) are the supports, that the Bears would 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 get above the Medium Term Channel Top #W1.
    Bears look to get below the elusive 5 EMA on the Day Chart #D1 after 30+ days.