S&P 500 - Triple Screen 'Technical Analysis' - Shooting Stars and Marubozus - Week 1 of May 2014.

S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 25 Apr'14

S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 25 Apr'14

S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Dec'13, onward - as on 25 Apr'14

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

Patterns:

• Bulls hold fort, with the continuation pattern studied last week 'Opening White Marubozu' on the EOW #W1 - continuing the consolidation. 
• Shooting Star forms again after two Marubozus #W1.

Support & Resistance:

• Index slips below the 5 EMA on the short term #D1. The MVWAP 34 #D1 provides support.

Moving Averages:  

• Bullish cross of the 5 EMA and 13 SMA #D1 on the short term screen helps the bulls. 

Indicators:

• RSI 13, continues to meander in the 50s #W2.
• TSI seen hanging around its crucial Fibonacci level #M2.

Wrap:

Index closes the week below the 5 EMA on the Daily charts - Bears fail to close below 1862 and rule the short term charts.

Looking forward into this Week:

Patterns:

• Last week's 'Shooting Star' (Study link here, here or elsewhere) candle is active  #W1. 
• The Continuation Pattern i.e Opening White Marubozu is also active (Study link here, here or elsewhere)

Support & Resistance:

• Bulls see support at the 13 SMA #W1, while the Week Channel Top #W1 remains resistance.

Moving Averages:

• 5 EMA and 13 SMA on the EOW #W1 would cross bearishly at a Index reading below 1835.

Indicators:

• Stochastic 34 3 4, slipping back into the over-bought zone, works for the Bulls #D2. 

Wrap:

Bulls consider another ATH - Bears shoot to get below the MVWAP 34 on the Weekly charts #W1.