|S&P 500 - End of Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 24 Jan'14|
|S&P 500 - End of Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 24 Jan'14|
|S&P 500 - End of Day Chart (EOD) - Channel analyzing Data from Oct'2013, onward - as on 24 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.
- Bears move Index below the 5 EMA on weekly chart, even as the MVWAP and Channel Bottom fail to support the Bulls #W1.
- Bulls stay above the 5 EMA on the Monthly chart #M1.
- On the EOD the 5 EMA bearishly crosses below the 13 SMA mid-week #D1.
- On the EOW the 5 EMA poised to - deflect Bullishly or Cross Bearishly - the 13 SMA #W1.
- RSI 13, slips from the overbought #W2.
- Month Chart Oscillator below the overbought, as it has been after the August'13 Close #M2.
Bulls saw red all year and now lose strength - Bears take the Short Term and close to taking the Medium Term too..
Looking forward into this Week:
Support & Resistance:
- MVWAP 34 and EOD channel Bottom on the Short Term Chart are now resistance for the Bulls.
- Medium Term MVWAP 34 #W1, is the next Support.
- Bears need to stay below the 5 EMA on the EOW (1817) to stay in the game #W1.
- Bulls need to keep the 5 EMA on the EOW above the 13 SMA (i.e. keep above 1793) to get some life back #W1.
- Stochastic 34 3 4 heading to the over sold, works for the Bears #D1.
- Oscillator popping into the over-bought this month, can set the Bulls free #M1.
Bears seek to keep their momentum with a stay below 1817 - Bulls want life back and the Index above 1793.