|S&P 500 - End of Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 17 Jan'14|
|S&P 500 - End of Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 17 Jan'14|
|S&P 500 - End of Day Chart (EOD) - Channel analyzing Data from Oct'2013, onward - as on 17 Jan'14|
Learning from last Week: (click here for the previous post)
- Bullish '3 Inside up' #M1, on the Long Term Charts kept November and December candles green, with a new ATH.
- January 2014 candle remains red #M1.
- Index closes a mite below the 5 EMA on EOD, even as the MVWAP and Channel Bottom support the Bulls #D1.
- Bulls stay below the EOW channel top resistance (orange line) #W1.
- On the EOD the 5 EMA bearishly crosses below the 13 SMA and again mid-week, bullishly crosses above the 13 SMA #D1.
- RSI 13, stays in the overbought #W2.
- Month Chart Oscillator just below the overbought, as it has been after the August'13 Close #M2.
Bulls still see this year with a red hue, but retain strength - Bears continue to hold fort at the EOW channel top #D1, #W1..
Looking forward into this Week:
Support & Resistance:
- MVWAP 34 and EOD channel Bottom on the Short Term Chart continue to be Support for the Bulls.
- 'All Time High' Line and the Channel Top #W1 are resistances.
- Bears need to stay below the 5 EMA on the EOW to have a life #W1.
- Bulls need to keep the 5 EMA on the EOD above the 13 SMA to keep their life #D1.
- Stochastic 34 3 4 in the overbought zone, works for the Bulls #D1.
- Oscillator popping into the over-bought this month, can set the Bulls free #M1.
Bears seek momentum with a bearish cross of the 5 EMA &13 SMA on the EOD - Bulls want to get green back into 2014 candle (Month/Year).