Saturday, June 8, 2013

S&P 500 - Triple Screen 'Technical Analysis' - Week: 03 June to 07 June: 2013 - Bulls Hold Channel

S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 07 May'13

S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug' 2011 onward - as on 07 May'13

S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Nov'2012, onward - as on 07 May'13

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

Bulls hold the Short Term with a bounce off the green Day Channel Bottom #D1.
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.
Bulls counter the Three inside down seen on the Week Charts #3.
We now study the EOD chart with the 'Ultimate Oscillator' #D2.
EOW& EOM charts see the Bulls taking support on the 13 SMA #W1 and the 5 EMA #M1 respectively.

Bears stopped 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 last week - continues to be in play.

Bulls look at continuing the up move - Bear hope rests on the 3 inside down #W1.