Sunday, September 22, 2013

S&P 500 - Triple Screen 'Technical Analysis' - New High :- Week: 16 September to 20 September: 2013.

S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 20 Sept'13

S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug' 2011 onward - as on 20 Sept'13

S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from July'2013, onward - as on 20 Sept'13

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

  • 'Three  Inside Up' studied last week gives the Bulls a new High #W1.
  • 'Opening White Marubozus' also mentioned last week - help the up-move #W1.
  • Bearish 'Head &Shoulder' Pattern fails to materialize early in the week #W1.
Support & Resistance:
  • The New 'All time High' and the new Day Channel Top (Pink) were resistances #D1. 
  • The short Term 5 EMA was support for the Bulls last week  #D1.
Moving Averages:  
  • 5 EMA and 13 SMA stay crossed Bullishly on the EOD charts #D1.
  • On the EOW - 5 EMA and 13 SMA stay Bullishly deflected #W1. 
  • Index keeps above the 5 EMA on the Long Term Charts #M1.
  • RSI 13 touches overbought #W2.
  • Stochastic 34 3 4 also in over bought zone  #D2.
  • Month Chart Oscillator remains below the over-bought, after the August Close #M2.

Bears lose their way, Bulls ride to a new High.. 

Looking forward into the next Week:

  • On the Medium Term Chart the 'Three  Inside Up' which we studied using links from herehere or elsewhere, is still active.
  • The last candle on the EOM and EOW Charts are bullish 'Opening White Marubozus' and they are worth a study herehere or anywhere
Support & Resistance:
  • 13 SMA on the Short Term Chart is the nearest Support for the Bulls, while the new 'All Time High' #D1 is resistance.
  • Beyond these the 76.4% Fibonacci Retrace #M1 - is the next major support and the Month Channel Top (blue) is the resistance seen, #M1.
Moving Averages:
  • Staying above the 5 EMA on the EOM #M1 - shows long term strength of the Bulls.
  • Staying above the 13 SMA on the Week Charts #W1 important for Bulls.
  • Oscillator #M2 keeping below oversold favors the Bears.
  • Stochastic 34 3 4 remaining in the over bought zone, works for the Bulls #W1

Bulls see the 'Marubozus' and the 'Three Inside Up' #W1, continuing the up-move - Bears want life below the 5 EMA on the EOD to start with #D1.