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Monday, December 8, 2014

S&P 500 - Triple Screen 'Technical Analysis' - Channel Top Bounce - Week 2 of December 2014.



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 05 Dec'14



S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 05 Dec'14



S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Jan'14, onward - as on 05 Dec'14



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

Patterns:
  • Index close to the Medium Term Channel Top #W1.
  • Index bounces off the top of the 'Broadening Top' on the Day Charts #D1.
Support & Resistance:
  • Bulls hemmed in be the Week Channel Top #W1. Takes support on the 'Broadening Top' on the Day Charts #D1 and 5 EMA on the EOW as studied #W1.
Moving Averages:  
    • Daily 5 EMA and 13 SMA, poised to cross Bearishly or deflect Bullishly #D1.
    Indicators:
    • RSI 13 still in the 60s, divergence to price apparant #W2.

    Wrap:
    Bears finally got the index to taste life below the 5 EMA for one day #D1. 
    Bulls make new ATH after bouncing off the  'Broadening Top' on the Day Charts,#D1.




    Looking forward into this Week:

    Patterns:
    • 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), continue to be resistances.
    • The 5 EMA on the daily charts and on weekly charts (2052) 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 current 'Broadening Top' on the EOD #D1, look to get above the Medium Term Channel Top #W1.
    Bears look to reforming the 'Broadening Top' on the Day Charts, making the latest high the 5th Touch #D1, by breaking below the current top.