S&P 500 - Triple Screen 'Technical Analysis' - Starry Highs 2 - Week 2 of September 2014.

S&P 500: Long Term View (or) EOM Chart (or) Month Chart: 1 candle = 1 month's price action

S&P 500: Medium Term View (or) EOW Chart (or) Week Chart: 1 candle = 1 week's price action

S&P 500: Short Term View (or) EOD Chart (or) Day Chart: 1 candle = 1 day's price action 

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

Patterns:

• Long Term Bullish Engulfing leans towards becoming a 3 outside up - see the last 3 Month candles #M1.
• Evening Star possibility again apparent on the Weekly charts -  last week this same pattern failed to evolve #W1.

Support & Resistance:

• Index rising along EOD channel's top line, neatly takes support at the channel bottom and as studied last week. the 13 SMA on the EOD #D1.
• 5 EMA and 13 SMA, converge on the EOD #D1.

Moving Averages:  

• Bulls close the week above all the MAs we track on all screens.

Indicators:

• RSI 13 meanders in the 60s #W2.
• TSI continues holding, above its crucial Fibonacci level #M2.

Wrap:

Bears still control no screens, Index sticks to its new 2K+ levels .

Looking forward into this Week:

Patterns:

• Possibility of another Evening Star formation (Study Links here, here or elsewhere)  on the EOW exists #W1.
• Bullish Engulfing on long term charts can evolve into a 3 outside up (Study Links here, here or elsewhere) - to be watched for until month end #M1.

Support & Resistance: 

• EOD channel Top #D1 and the ATH, are resistances.
• The 13 SMA on the EOD (e.g. 1998 for Monday) is the Support Bulls would want to defend #D1.

Moving Averages:

• Bullish deflection or Bearish cross of the 5 EMA and 13 SMA, imminent on the EOD #D1.

Indicators:

• TSI holding above the Fibonacci level 76.4%, works for the Bulls #M2.

Wrap:

Bulls seek to defend the 13 SMA on the EOD #D1.
Bears look to continue to crack the EOD channel's bottom line #D1.