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Tuesday, April 8, 2014

S&P 500 - Triple Screen 'Technical Analysis' - Shooting Star - Week 2 of April 2014.



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 06 Apr'14


S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 06 Apr'14


S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Oct'2013, onward - as on 06 Apr'14




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


Patterns:

  • Index continues its consolidation with a shooting star on the EOW #W1.
Support & Resistance:
  • Bulls resisted near the current ATH, Index takes support at the Daily channel bottom again #D1. 
Moving Averages:  
  • On the Day Chart, the 5 EMA and 13 SMA cross Bullishly #D1. 
Indicators:
  • RSI 13, meanders to the 50s #W2.


Wrap:
Bears defend current ATH - Bulls close the week inside the Day channel #D1 



Looking forward into this Week:


Patterns:
  • The weekly 'Shooting Star' (Study link herehere or elsewherecandle is active  #W1. 
Support & Resistance:
  • Bulls take support at the Daily Channel Bottom #D1 for the 2nd week now, while the Week Channel Top #W1 remains resistance.
Moving Averages:
  • MVWAP 34 on the EOD #D1 is now the critical stop for Bulls #D1.  
Indicators:
  • Stochastic 34 3 4, slipping below the over-bought zone, works for the Bears #D2. 


Wrap:
Bears look to get below 1836 - Bulls wish to keep the MVWAP 34 on the EOD below their hooves #D1.




CNX Nifty 50 - Triple Screen 'Technical Analysis' - High Wave Time again - Week 2 of April 2014.



Nifty 50: Long Term View (or) EOM Chart (or) Month Chart - each candle is 1 month's price action



Nifty 50: Medium Term View (or) EOW Chart (or) Week Chart - each candle is 1 week's price action



Nifty 50: Short Term View (or) EOD Chart (or) Day Chart - line chart of daily closing Prices



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


Patterns:
  • January and February Candles formed a  'Piercing Pattern' #M1. Bulls gain in March but range in April.
  • High wave candle last week - Index undecided #W1.
Support & Resistance:
  • The 5 EMA on the EOD #D1 was support for Bulls. 
Moving Averages:
  • Index keeps above the short term 5 EMA #D1. 
Indicators:
  • MACD and its MA meet #D2, TRD nudging the 61.8% retrace drawn #M2.


Wrap:
Bulls control all screens - Bears manage a High wave #W1.




Looking Forward into this Week:

 

Patterns:
  • Bullish 'Piercing Pattern' (Study link herehere or elsewhere) on the Long Term Chart #M1 is active and has produced a breakout new High.  
  • High wave candle ( Study link herehere or elsewhere) last week cheers Bears #W1.
Support & Resistance:
  • The current support is the April'14 Wall i.e. 6642 (Wall = Approx Hawala rate - study link herehere or elsewhere)
  • EOD Channel top is now resistance for the Bulls #D1. 
Moving Averages: 
  • Golden Cross (study herehere or elsewhere) of the 50 & 200 SMA is on and steady, even as index is clear above these SMAs #D1.  
Indicators:
  • TRD Indicator staying above the 61.8% retrace boosts bulls #M2. MACD sliding below its MA favors Bears #D2.


Wrap:
Bears cheered by the 'High Wave' #W1Bulls look to stay above the April Wall (6642) and reach day channel top.