Sunday, February 3, 2013

S&P 500 - Triple Screen 'Technical Analysis' - Week: 28 January to 01 February, 2013 - Bulls near Channel Top

S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 01 Feb'13

S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug' 2011 onward - as on 01 Feb'13

S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Nov'2012, onward - as on 01 Feb'13

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

Channel top resistance #D1, as expected - hedges the Bulls, another green week ensues.
#D2 and #W2 shows the Divergence developing on this up move.
#M1, #W1, #D1 - show us that the Month Channel's red top line, is even closer to the price line.
5 EMA and 13 SMA on the EOD charts #D1, close in for a possible cross or deflection...
RSI #W2, causes another 'Lower High' and yet to move into oversold.
Bulls are on top on all the three screens as of now.

Bulls are on a Song and its only the Month/Day Channel's top red line #M1/#D1 and the Divergences #D2 & #W2, that could play spoil sport..

The Ellipses marked #M1, #W1 and #D1 indicate the hot spots on the long, medium and short term charts respectively.
As one can see - we are zooming into the action starting #M1 through #W1 and get up close in #D1.

Looking forward into the next Week:

Day channel's, top red line #D1, continues to be resistance for Bulls.
The MVWAP 34 on the EOD, #D1is the likely support.
RSI #W2, causing another 'Lower High' is not good for Bulls.
Possibility of a MA cross or deflection 13 SMA with 5 EMA on the Day charts #D1 appears nearer.
Month Channel top #M1 assumes critical importance as the next major resistance to beat.

Confluence of the Day & Month Channel Top is a critical resistance - #D1..