Monday, October 28, 2013

S&P 500 - Triple Screen 'Technical Analysis' - Another week another 'ATH' :- Week: 21 October to 25 October, 2013.



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 25 Oct'13



S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug' 2011 onward - as on 25 Oct'13



S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from July'2013, onward - as on 25 Oct'13




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


Patterns:
  • As studied earlier - August and September Candles form a Bullish Harami  (Study Link herehere or elsewhere) #M1. October close above September makes it a 'Three Inside up'.
Support & Resistance:
  • The short Term Channel Top resistance was cleared by the Bulls last week, new channel shown  #D1. Month Channel Top (blue) is current resistance #D1
  • 5 EMA on the EOD was the support #D1.
Moving Averages:  
  • Aggressive Bulls keep above all the EMAs/SMAs we track, all last week #D1.
Indicators:
  • RSI 13 remains below the overbought #W2.
  • Month Chart Oscillator remains below the over-bought, after the August Close #M2.


Wrap:
Bulls keep the 'Three Inside Up' in progress on the Long Term and make another new 'ATH'




Looking forward into the next Week:


Patterns:
  • October closing above September's close makes a Bullish 'Three Inside up' (Study link herehere or elsewhere) - with a week to go for the month close, Bulls can smell the grass. 
Support & Resistance:
  • 34 EMA  and 200 SMA on the Short Term Chart are Support for the Bulls, while the 'All Time High' Line and the Channel Tops #D1 are resistances.
Moving Averages:
  • Running above the 5 EMA on the EOD #D1 - shows momentum of the Bulls.
Indicators:
  • RSI staying below the oversold, with its divergence to Price (arrow) #W2, plus for Bears.
  • Stochastic 34 3 4 staying in the over bought zone, works for the Bulls #D1


Wrap:
Bulls expect that the 'Three Inside Up' #M1, forms in October - Bears see 'hope' in the Month Channel Top resistance (blue) #D1 .