Sunday, June 10, 2012

S&P 500 - Triple Screen 'Technical Analysis' - Week: 04 June to 08 June 01 2012 - Bulls bounce off Channel bottoms..

Learning from Last Week:
We identified and studied the confluence of channel bottom resistance on the EOD - which the Bulls used to stage a comeback (click).
The close of May, above the 1300 mark, suggested strength for the Bulls.
Reclaiming the Channel middle ground - where do the Bulls go now?

S&P 500: Long Term View (or) Month Chart (each candle is 1 month's price move)  (or) EOM Chart:
S&P 500 - End of  Month Chart (EOM) - 08 June, 2012. 

Bulls removed the Bear's toe from inside this screen - moving the close above the Blue middle line.
Resistance is at the 5 EMA - life would be good for bulls above this level.
STS (above 80) told us last week that the Bulls were in a good place.

S&P 500: Medium Term View (or) Week Chart (each candle is 1 week's price move) (or) EOW Chart:  
S&P 500 - End of  Week Chart (EOW) - 08 June, 2012.

Bears gave up ownership of this screen with last week's bounce.
The touchdown to channel bottom looks perfect.
With a close above the 5 EMA, Bulls have a perfect take off point.

S&P 500: Short Term View (or) Day Chart (each candle is 1 day's price move)  (or) EOD Chart:  
S&P 500 - End of  Day Chart (EOD) -  08 June, 2012.

'a' shows us the exact point where we identified the confluence of support last week.
'b' tells us that the index staying above the EOD middle line - would mean that the MVWAP 34 is targeted next.
All short term MAs that we track are crossed and look like crossing each other bullishly soon.
The MACD Histogram is ticking up nicely.

Looking froward into the next week:
The battle for the Middle ground, does not look like its over.
The scale tipping can be gauged, by the  break of the 5 EMA on the EOW or the EOD channel middle.
Bulls would look at taking the MVWAP 34 on the EOD early next week.
Intra-week updates shall be up, to analyze that.