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Monday, December 22, 2014

S&P 500 - Triple Screen 'Technical Analysis' - Back to ATH ! - Week 4 of December 2014.














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

Patterns:
  • Index bounces off the MVWAP 34 to touch the ATH again #W1.
  • Bullish Harami on the Medium Term keeps the Bull camp happy #W1.
  • With the Monthly Candle resembling a Dragon Fly doji as of now, bears take heart #M1.
Support & Resistance:
  • Bulls find support at the 34 MVWAP on the EOW and hit the ATH again, after bears break index below the 13 SMA earlier in the week #W1..
Moving Averages:  
    • Daily 5 EMA and 13 SMA, cross Bullishly #D1.
    Indicators:
    • STS 34 3 4, takes a bounce at the oversold line #D2.

    Wrap:
    Bears take their fall all the way to the MVWAP 34 on the EOW #W1. 
    Bulls get back 8 Day's loss in 3 days, and hit the ATH again #W1.




    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.
    • Bullish Harami active, turning into a 'Three Inside up' to be watched for - (Study Links herehere or elsewhere) #W1.
    • Dragon Fly Doji worth a study (Study Links herehere or elsewhere)  #M1.
    Support & Resistance: 
    • Megaphone Top #D1 and current All Time High (ATH), are levels the Bulls look to take out.
    • The 13 SMA on the weekly charts (2008) and last week's close i.e. 2071 are the supports, that the Bears would want to get below #W1.
    Moving Averages:
    • The 5 EMA and 13 SMA on the Medium Term Charts cross bearishly below 1907 #W1.
    Indicators:
    • TSI nudges above the 76.4% Fibonacci retrace #M2.


    Wrap:
    Bulls after a massive slide, get back to the ATH and look to making a 'Three Inside up', staying above 2071 #W1.
    Bears lose their honey and hope to defend the current ATH #D1.