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Monday, December 15, 2014

S&P 500 - Triple Screen 'Technical Analysis' - Channel Top Break - Week 3 of December 2014.


S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 12 Dec'14


S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 12 Dec'14


S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Jan'14, onward - as on 12 Dec'14




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

Patterns:
  • Index turns back down from the Medium Term Channel Top #W1.
  • Index re-forms 'Broadening Top' on the Day Charts #D1.
Support & Resistance:
  • Bulls find support at the 13 SMA on the EOW #W1, after bears re-form the 'Broadening Top' on the EOD #D1 as studied last week.
Moving Averages:  
    • Daily 5 EMA and 13 SMA, cross Bearishly #D1.
    Indicators:
    • RSI 13 back to the 50s, divergence to price apparant #W2.

    Wrap:
    Bears make up for long absence with a fall all the way to the 13 SMA on the EOW #W1. 
    Bulls lose 6 week's gain in one week, and scramble for support #W11.




    Looking forward into this Week:

    Patterns:
    • Broadening Top (Study Links herehere or elsewhere) seen on the Day Chart - follow up  re-formed top - bottom is near the 76.4% retrace marked #D3.
    Support & Resistance: 
    • Megaphone Top #W1 and current All Time High (ATH), continue to be resistances.
    • The 13 SMA on the weekly charts (2002) and the 200 SMA on the EOD are the supports, that the Bears would want to break #W1.
    Moving Averages:
    • The 5 EMA and 13 SMA on the Medium Term Charts cross bearishly below 1912 #W1.
    Indicators:
    • TSI holds slips below the 76.4% Fibonacci retrace #M2.


    Wrap:
    Bulls after a massive slide, look to consolidate on supports above the 2000 mark and head back to the ATH #W1.
    Bears smell honey and would want to press towards the 1700 zone and the 76.4% Fibonacci retrace #D3.