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| S&P 500 - End of Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 30 Aug'13 |
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| S&P 500 - End of Week Chart (EOW) - Channel analyzing Data from Aug' 2011 onward - as on 30 Aug'13 |
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| S&P 500 - End of Day Chart (EOD) - Channel analyzing Data from July'2013, onward - as on 30 Aug'13 |
Learning from the Past Week: (click here for the previous post)
Patterns:
- The 'Three Inside Down' that we studied on the weekly charts takes Index lower - Bears get a Red Week #W1 and Month #M1..
- Index had the 13 SMA on the Week Channel #W1 as resistance for Bulls on the upside.
- The 5 EMA was support for the Bulls on the way down #M1.
- Index Closes the week below the 13 SMA on the EOW #W1.
- 5 EMA and 13 SMA remain crossed bearishly on the EOD charts #D1.
- On the EOW - 5 EMA and 13 SMA look poised for a bearish cross #W1.
- Index keeps above the 5 EMA on the Long Term Charts #M1.
- RSI 13 peeks above the 50 mark - MA yet to cross the RSI #W2.
- Stochastic 34 3 4 reaches the over-sold #D2.
- Oscillator dips below the over-bought, for the Month Close #M2.
Bears retain control of the Short Term Screen. Nudging towards control of the Medium Term too..
Looking forward into the next Week:
Patterns:
- On the Medium Term Chart the Three Inside Down we studied earlier this month, is still on ... #W1.
Support & Resistance:
- 13 SMA on the Medium Term Chart is the next resistance for the Bulls, while the 34 MVWAP, #W1 is the Support..
- Beyond these the 76.4% Fibonacci Retrace #M1 - is the next major support and the Last All Time High is the resistance seen #M1.
Moving Averages:
- Staying above the 5 EMA on the EOM #M1 - shows long term strength of the Bulls.
- 5 EMA & 13 SMA on the Medium Term Charts #W1 - poised to cross Bearishly - to be watched.
- Staying below the 13 SMA on the Week Charts - EOW #W1 important for Bears.
Indicators:
- Oscillator #M2 keeping below oversold favors the Bears.
- RSI crossing above its MA will work for the Bulls #W1
Bears look to the 'Three Inside Down' #W1 giving more gains, Bulls look to get above the 13 SMA on the EOW #W1.
