Saturday, April 14, 2012

S&P 500 - Triple Screen 'Technical Analysis' - Week: 09 April to 13 April, 2012 - Bears Stay over..

Our conclusion in last weekend's analysis was 'Time to Bear it" (click).
As one expected, the week showed us a red candle and price went all the way to the 'week' channel bottom.
Our Intra week EOD Analysis, suggested that Moving VWAP 35 was resistance zone(click).
Almost on cue, S&P 500, reversed from the MVWAP 34 resistance to end 2% in the red for the week.
Lets see, if the Bears are here to stay..

S&P 500: Long Term View (or) Month Chart with closing prices in a line graph (or) EOM Chart:
S&P 500 - End of  Month Chart (EOM) - 13 April, 2012. 
Index has closed below the 10 EMA.
From a long term perspective, its another correction.
Current position of the fast Stochastic is above the 80 mark, with crossover.
None of the short MAs have crossed yet.
Bulls are under a bit of pressure, Bears have a tiny toe hold.

S&P 500: Medium Term View (or) Week Chart, each candle is 1 week's price action (or) EOW Chart:
S&P 500 - End of  Week Chart (EOW) - 13 April, 2012.  
This screen made magic last week - following our call, almost to the letter.
Price reached the Channel bottom and is below all short MAs.
None of the MAs have crossed yet.
RSI heads towards mid point.
Bulls have let this screen stay neutral, with a clear chance of bouncing off the channel bottom.

S&P 500: Short Term View (or) Day Chart where each candle is 1 day's price action (or) EOD Chart:
S&P 500 - End of  Day Chart (EOD) - 13 April, 2012.  
The new Day channel is shown in Yellow.
Price has resistance at the M VWAP 34, and is nudging the channel top.
Staying above the M VWAP 34 and seeing a Bullish cross of some of the short term MAs above... would give strength to Bulls.

Looking Forward: 
Breaking the 'White' Week channel on the downside is the next task for the Bears.
Bulls would use this very channel to jump out of the Day channel and above the MVWAP 34 marked.
1333 is the mark on the EOW, where the 5 EMA crosses below the 13 SMA and Bears call the shots.
A daily dose of 10 points+ should see the Bulls in command by weekend, the 5 EMA would also have crossed above the 13 SMA at 1383 on the EOD.
Bears have given no sign of leaving the short term yet.
Week end updates shall be up.