S&P 500 - Triple Screen 'Technical Analysis' - Channel Resistance, Megaphone - Week 5 of October 2014.

S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 24 Oct'14

S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 24 Oct'14

S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Jan'14, onward - as on 24 Oct'14

 

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

Patterns:

• Last week's Hammer, blows the Index up to the weekly 13 SMA #W1.
• Index rises from the Day Channel Bottom to near its top - Possible Broadening Top (see Megaphone pattern) in progress on the Day Charts #D1.

Support & Resistance:

• Bulls defend the Month channel bottom on the EOM #M1, and close above the 5 EMA on the Long Term Charts #M1.
• Bears hold down the Index at the 13 SMA on the EOW #W1.

Moving Averages:  

• 5 EMA and 13 SMA, stay crossed Bearishly on the EOW #W1.

Indicators:

• RSI 13 meanders in the 50s #W2.

Wrap:

Bulls take off from the Long Term Channel bottom #M1 with a Hammer. 
Bears hold down the index at the weekly 13 SMA #W1 and present a Megaphone #D1.

Looking forward into this Week:

Patterns:

• Hammer (Study Links here, here or elsewhere) active in the Medium Term screen #W1.
• Broadening Top (Study Links here, here or elsewhere) forming on the Day Chart needs to be watched #D1.

Support & Resistance: 

• EOD channel Top #D1, and the All Time High (ATH) are resistances.
• The EOM channel bottom #M1, and the Monthly 5 EMA #M1, are Supports.

Moving Averages:

• The Index is currently at the 13 SMA on the EOW i.e 1966 #W1.

Indicators:

• TSI slips below the 76.4% Fibonacci retrace #M2.

Wrap:

Bulls look to hammer their way to the All Time High (ATH), with some help from the Broadening Top #D1.
Bears look to hold below the Day Channel #D1 and the Weekly 13 SMA #W1.