S&P 500 - Triple Screen 'Technical Analysis' - Channel Top Break - Week 3 of December 2014.

S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 12 Dec'14

S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 12 Dec'14

S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Jan'14, onward - as on 12 Dec'14

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

Patterns:

• Index turns back down from the Medium Term Channel Top #W1.
• Index re-forms 'Broadening Top' on the Day Charts #D1.

Support & Resistance:

• Bulls find support at the 13 SMA on the EOW #W1, after bears re-form the 'Broadening Top' on the EOD #D1 as studied last week.

Moving Averages:  

• Daily 5 EMA and 13 SMA, cross Bearishly #D1.

Indicators:

• RSI 13 back to the 50s, divergence to price apparant #W2.

Wrap:

Bears make up for long absence with a fall all the way to the 13 SMA on the EOW #W1. 
Bulls lose 6 week's gain in one week, and scramble for support #W11.

Looking forward into this Week:

Patterns:

• Broadening Top (Study Links here, here or elsewhere) seen on the Day Chart - follow up  re-formed top - bottom is near the 76.4% retrace marked #D3.

Support & Resistance: 

• Megaphone Top #W1 and current All Time High (ATH), continue to be resistances.
• The 13 SMA on the weekly charts (2002) and the 200 SMA on the EOD are the supports, that the Bears would want to break #W1.

Moving Averages:

• The 5 EMA and 13 SMA on the Medium Term Charts cross bearishly below 1912 #W1.

Indicators:

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

Wrap:

Bulls after a massive slide, look to consolidate on supports above the 2000 mark and head back to the ATH #W1.
Bears smell honey and would want to press towards the 1700 zone and the 76.4% Fibonacci retrace #D3.