Sunday, December 23, 2012

S&P 500 - Triple Screen 'Technical Analysis' - Week: 17 December to 21 December, 2012 - Bulls hold on..

S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 21 December, 2012 

S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug' 2011 onward - as on 21 December, 2012

S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Nov'2012, onward - as on 21 December, 2012

Learning from the Past Week:  (click here for the post)

Bulls fail to move back into the Week Channel #3 - Bears nudge them out on the last day of the Week #5.
Bullish Cross of the 5 EMA and 13 SMA on the EOW #3 - looks on.
Bullish Deflecton of the above MAs on the EOD #5 also occurs.
Index continues its slithering along, at or around the bottom line of the EOW channel #3, #5.
Bulls keep above the 34 MVWAP on the EOD #5 and EOW #3.
Bears close index above the critical 13 SMA on the week charts #3.

Last week again saw the Bulls and Bears maintain status 'quo on the medium term and short term - bulls go stronger into the next week.

Looking forward into the next Week:

Bullish Cross of 5/13 MAs on EOW  #3 to be watched for, at the start of the next week.
Bulls need to move back decisively into the EOW channel to avert a slide #3.
Above the 5 EMA the Bulls retain Long Term strength  #1.
Keeping above the 13 SMA the Bulls can finally  gain entry back into the week channel #3.
Resistance continues at the EOW channel bottom #3, support is at the '23.6% Fibonacci retrace of the Oct'07 High and Mar'09 Low' #1.

Bears failed to take it down last week and now the Bulls look at breaking the impasse with a Bullish MA cross studied above.