Monday, June 23, 2014

S&P 500 - Triple Screen 'Technical Analysis' - Top Stop 2 - Week 4 of June 2014.



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 20 June'14


S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 20 June'14


S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Jan'14, onward - as on 20 June'14





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

Patterns:
  • Strong Resistance holds index at Weekly Channel Top even as Bulls make a new ATH #W1.
  • Bears fail to follow through on the Bearish Harami on the EOW #W1.
Support & Resistance:
  • Index keeps above the 5 EMA on the Day charts #D1 and above the 5 EMA on the Weekly #W1. 
  • Weekly Channel Top was resistance #W1.
Moving Averages:  
  • The 5 EMA and 13 SMA, deflect to give Bulls a new ATH #D1 
Indicators:
  • RSI 13 near the over bought #W2.
  • TSI continues holding above its crucial Fibonacci level #M2.

Wrap:
Bulls retain control of all Screens - Bears defend the EOW channel top #W1.




Looking forward into this Week:


Patterns:
  • Weekly Channel Top is resistance for the index (Study links herehere or elsewhere
Support & Resistance:
  • 5 EMA on the EOW #W1 at a Index reading of 1935 is support for the week, while the Week Channel Top #W1 remains resistance.
Moving Averages:
  • 5 EMA and 13 SMA currently deflected Bullishly - needs to stay that way for Bulls to break channel top #D1.
Indicators:
  • Stochastic 34 3 4, staying back in the over-bought zone, works for the Bulls #D2. 


Wrap:
Bulls want to crack the Weekly Channel Resistance #W1- Bear future lies below the 13 SMA on the Weekly charts #W1.