Sunday, September 23, 2012

S&P 500 - Triple Screen 'Technical Analysis' - Week: 17 September to 21 September, 2012 - Consolidation..

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) - 21 Sept, 2012
 Above is the Month Chart - EOM - analyzing Data from mid 2009, onward

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) - 21 Sept, 2012.
Above is the Week Chart - EOW -  analyzing Data from Q2-Q3 2012, onward.

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) -  21 Sept, 2012.
Above is the Day Chart - EOD -  analyzing Data from Aug-Sept 2012, onward.

Learning from the Past Week:  (click here for the post)
We watched the action at the month chart's channel, and saw the resistance send back the bulls here (1).
Bears would use the Bearish Harami on the week chart (3) to get back into the action with a follow up.
Bulls would use the strength shown, by closing above the 5 EMA (5) - to resume the up-move.
Bears see the RSI sliding below the MA (4) on the Week chart as a plus.
Key indicators remain in the oversold zone (4,2)

Looking forward into the next Week:
Month Channel's top (2) at 1494 (max for Sept) a critical resistance last week, remains the challenge for the Bulls.
Currently Bulls have the momentum on all screens.
The classic 'consolidation phase' after an up move also looks done.
Failure to stay above the 5 EMA on the Day Chart (5) - would be the early warning signal of Bear Power.
If the Bearish Harami on the week chart (3) mutates into a Bearish 'Three inside down' - Bulls lose the advantage.
So watch if the next week looks like closing below this week's close - to trigger above Bearish Pattern.