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.
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 ...
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.
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.