Wednesday, May 9, 2012

EOD Technical Analysis, S&P 500 - 08 May 2012 - Bears on Channel Hold

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 (EOD) - 08 May  2012  
Our EOD study, end of last week (click), showed us that the Bearish 'Three Inside Down' was on.
In the weekend analysis (click), we had seen the Short term as bearish, and suggested that the Yellow day channel would hold the action.

As Chart above - updated to Tuesday's action, shows - the yellow Day Channel lines have held the price action.
If this channel continues to hold, then the Bulls can look at retaking the MVWAP 34 on EOD charts.

The Bears have moved this week's candle outside the White Week Channel.
The current position of the same candle makes the Medium term, Bearish as of Tuesday.

Until the Yellow Day Channel lines break on the downside - Bears cannot continue to claim Trending Rights.