S&P 500 - Triple Screen 'Technical Analysis' - Bulls shy near ATH - Week 2 of May 2014.

S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 02 May'14

S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 02 May'14

S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Dec'13, onward - as on 02 May'14

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

Patterns:

• Bulls near ATH again after four weeks of Marubozus and Shooting Stars #W1.

Support & Resistance:

• Index faces resistance at the ATH even as the 13 SMA #W1, provides exact support.

Moving Averages:  

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

Indicators:

• RSI 13, inches towards the overbought #W2.
• TSI continues holding above its crucial Fibonacci level #M2.

Wrap:

Bulls dominate all 3 screens - Bears defend the current ATH.

Looking forward into this Week:

Patterns:

• Previous 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 (1856) #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 for this week too.

Indicators:

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

Wrap:

Bulls watch for another ATH possibility - Bear future lies below the 13 SMA on the Weekly charts #W1.