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| S&P 500 - End of Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 14 Nov'14 |
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| S&P 500 - End of Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 14 Nov'14 |
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| S&P 500 - End of Day Chart (EOD) - Channel analyzing Data from Jan'14, onward - as on 14 Nov'14 |
Learning from last Week: (click here for the previous post)
Patterns:
- October Candle the Green Hanging Man #M1, produces a Bullish Continuation for now.
- Index rises from the Day Channel Bottom to fresh ATH - Producing a perfect 'Broadening Top' on the Day Charts, exactly as studied in the past couple of weeks #D1.
Support & Resistance:
- Bulls after defending the Month channel bottom on the EOM #M1, get yet another ATH #D1.
- Bears staunchly defend the Broadening Top's top #D1 all last week.
Moving Averages:
- 5 EMA and 13 SMA, in a Bullish Cross #W1.
Indicators:
- RSI 13 still in the 60s, divergence to price seen #W2.
Wrap:
Bulls take off from the Long Term Channel bottom #M1 with a weekly Hammer #W1, and now see a long term (October candle) Hanging Man #M1.
Bears defend the Broadening Top's top #D1.
Bears defend the Broadening Top's top #D1.
Looking forward into this Week:
- Broadening Top Pattern's Top line #D1, and 2050 near the fresh new All Time High (ATH) are resistances.
- The 5 EMA on the weekly charts (2007) is the current support #W1.
- The Index is currently above all the MAs that we track.
Indicators:
- TSI holds above the 76.4% Fibonacci retrace #M2.
Wrap:
Bulls after hammering their way to a fresh new All Time High (ATH), and reaching the pinnacle of the Broadening Top #D1, negotiate the Hanging Man's effect now.
Bears on edge, praying that the Broadening Top and Hanging Man Combination works in their favor.
Bears on edge, praying that the Broadening Top and Hanging Man Combination works in their favor.
