S&P 500 - End of Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 14 May'13 |
S&P 500 - End of Week Chart (EOW) - Channel analyzing Data from Aug' 2011 onward - as on 14 May'13 |
S&P 500 - End of Day Chart (EOD) - Channel analyzing Data from Nov'2012, onward - as on 14 May'13 |
Learning from the Past Week: (click here for the post)
Three inside down on the Weekly chart #3 - studied last week - continued to be in play.
Bulls hold the Short Term with a bounce off the green Day Channel Bottom #D1 once again.
Bulls hold the Short Term with a bounce off the green Day Channel Bottom #D1 once again.
5 EMA stays below the 13 SMA #D1.
RSI and its MA slip below oversold #W2.
The 76.4% Fibonacci Retrace - remains at the last consolidation cluster #M1.
Ultimate Oscillator #D2 hovers just above the mid point.
EOW& EOM charts see the Bulls taking support on the 13 SMA #W1 and the 5 EMA #M1 respectively for the second week.
Bears stopped again by our identified support - Day Channel's Bottom Green Line #D1..
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, bottom green line #D1 is support and the latest 'All Time High' #M1 the resistance for the Bulls.
Bulls would still want to clear off the Triple Top Threat conclusively ...
Getting the price, above the 5 EMA on the EOW #3, critical for bulls to get ahead.
Breaking the Day Channel's Bottom Green Line #D1 is what the Bears would want to do next...
The 76.4% Fibonacci Retrace - remaining around the last consolidation cluster #M1, is good for Bears.
5 EMA crossing above or deflecting off the 13 SMA to be watched #D1.
Three inside down on the Weekly chart #3 - studied the week before last week - continues to be in play.
Bulls look at continuing the up move from the Day Channel bottom #D1 - Bear hope remain on the 3 inside down #W1, giving them a channel break.