Saturday, April 28, 2012

S&P 500 - Triple Screen 'Technical Analysis' - Week: 23 April to 27 April, 2012 - Bulls find Channel Support.

Last week (click) our view Looking Forward was, quote ..
"MVWAP 34 (EOD) to our White Channel bottom (EOW), is the range to break, going into next week... and  Longs would pin their hopes on the Bullish Harami (EOW), even if its reliability is low..." unquote..
Our Call was correct, as we studied in our Intra Week, EOD Analysis: click and click
The MVWAP34 was broken & we have the "Three Inside up" that the Bulls hoped for. 
Let us check out the action of last week, and find the way forward..

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) - 27 April, 2012. 
Bulls continue to rule this screen.
The last candle of the screen (not shown) looks like a Doji - shall study once month ends.
Currently the close of last month, and open of current month, are exactly equal.
Month end view is awaited.

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) - 27 April, 2012.
As the Bulls hoped (see last week's EOW), the Bullish Harami mutated into a "Three Inside up".
The 10 EMA is set for a touch and go (studied earlier, a.k.a: deflection) with the 13 SMA, can produce an explosive up move, if it materializes.
Weekly close is above all Short term MAs that we study.
Channel lines are realigned to the last Price action.
The RSI has closed above the MA3 - see Indicator below chart.
Bulls are back, on this medium term chart..

Another study of the "Three Inside up" for your reading..

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) - 27 April, 2012.  
Break of the previous range at the MVWAP34 gives us this realigned channel (yellow).
Price has closed above all short term MAs that we study, they are bullishly crossed over, and we are above the MVWAP 34.  
Bulls are on top, in the Short Term too..

Looking Forward:
Staying above the MVWAP34 (EOD), the Bulls have a clear run to the channel top.
The "Three Inside up" and "Deflection" from the EOW study add hope for the Bulls.
The Candle pattern, that this month is forming, is a vote for the Bears. Shall be studied on month close.