Monday, October 13, 2014

S&P 500 - Triple Screen 'Technical Analysis' - Channel Support - Week 3 of October 2014.

S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 10 Oct'14

S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 10 Oct'14

S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Jan'14, onward - as on 10 Oct'14

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

  • Long Term Bullish Engulfing failed to become a three outside up, see the last 4 Month candles #M1.
  • Index touch down on the Weekly Channel Bottom is exact #W1.
Support & Resistance:
  • Bulls defend the Week channel bottom on the EOW #W1 and 200 SMA on the EOD #D1.
  • Bears have their best week in a long time as MVWAP 34 is breached #W1.
Moving Averages:  
    • 5 EMA and 13 SMA, cross Bearishly on the EOW #W1.
    • RSI 13 down to the 40s #W2.

    Bulls take support exactly at our Medium Term Channel bottom #W1. 
    Bears use the failed Bullish Engulfing to good advantage to touch the 200 SMA after a long time #W1.

    Looking forward into this Week:

    • Stick Sandwich Pattern (Study Links herehere or elsewhere) active in the Medium Term screen #W1.
    • Bullish Engulfing on long term charts, failed to evolve into a 3 outside up (Study Links herehere or elsewhere) #M1.
    • Medium Term Channel Provides exact support for the Bulls #W1.
    Support & Resistance: 
    • EOD channel Bottom #D1 and the weekly 13 SMA (1970) are resistances.
    • The EOW channel bottom #W1 and the 200 SMA #D1 are the Supports.
    Moving Averages:
    • The Index is above the 13 SMA on the EOM (1883) #M1.
    • STS in the over sold, works for the Bears #D2.

    Bulls look to defend the 200 SMA on the EOD, taking support at the Weekly Channel Bottom #W1. 
    Bears, after denying the Bulls a '3 outside up' last month #M1, and closing below 1959 last week, now aim for 1883.