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| S&P 500 - End of Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 08 Aug'14 |
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| S&P 500 - End of Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 08 Aug'14 |
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| S&P 500 - End of Day Chart (EOD) - Channel analyzing Data from Jan'14, onward - as on 08 Aug'14 |
Learning from last Week: (click here for the previous post)
Patterns:
- Bullish Harami forms on the Weekly Charts #W1.
Support & Resistance:
- Index within the current EOD channel - new declining channel seen #D1.
- Index stays below the weekly 13 SMA #W1, tests the 5 EMA (1911) on the Monthly Screen #M1, and closes above this mark and the 5 EMA on the EOD.
- The weekly 5 EMA and 13 SMA, 'Touch' - to cross bearishly or deflect bullishly #D1.
Indicators:
- STS 34 3 4, slips into the over sold #D2.
- TSI under pressure. to continue holding, above its crucial Fibonacci level #M2.
Wrap:
Just when the Bears were getting control of the medium term screen, Bulls come close to retaking the short term screen - Medium and Short Term Screen therefore in neutral zone.
Looking forward into this Week:
- Current EOD channel (declining) Bottom and the monthly 5 EMA (1911) are the supports.
- The deflection point for the Medium Term 5 EMA & 13 SMA (1957) #W1, is resistance to beat, for the Bulls.
- The critical 5 EMA and 13 SMA on the EOW, will stay on Bullish deflection course, if Index closes above 1957, this week #W1.
Indicators:
- TSI holding above the Fibonacci level 76.4%, works for the Bulls #M2.
Wrap:
Bulls seek deflection of the 5 EMA and 13 SMA #W1 continuing, by triggering a Three inside up and closing above 1957.
Bears would want to see the first monthly close below the 5 EMA (1911) after May 2012 #M1.
Bears would want to see the first monthly close below the 5 EMA (1911) after May 2012 #M1.
