S&P 500 - Triple Screen 'Technical Analysis' - Week: 14 May to 18 May, 2012 - Midlife Crisis Point

Learnings from the Past Week:

Our short term view of the market turned Bearish last Monday (click).

The Bears then took it down to 1300 and lower by weekend.

After Thursday's Market action, we suggested that one support point would be the Weekly MVWAP 34 (click).

Bulls found support, exactly at this point, on Friday.

Would mid life (mid channel) crisis, affect the Bears at this stage - or are we in for more red?

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

S&P 500 - End of  Month Chart (EOM) - 18 May, 2012. 

With Price above the MVWAP 34 - this screen is owned by Bulls.

With a weekly close below all our short term MAs - its a nervous owner indeed.

The 13 SMA and the Channel mid line - are support areas for the Bulls.

The astounding effect of the Three inside down (click) has been a gain of 100 points and counting for the alert Bear.

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

S&P 500 - End of  Week Chart (EOW) - 18 May, 2012.

The Weekly channels (white lines) have had a reduction in their angle of inclination, due to recent Price action.

Support for Bulls is exactly at the MVWAP 34 as suggested.

The Stochastic indicator has gone into oversold territory.

We saw this screen, scream 'Bear' in last last week's EOW (click) - we expect a pause for breath at the MVWAP 34 (arrow).

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

S&P 500 - End of  Day Chart (EOD) - 18 May, 2012.  

Our Day Channel (yellow lines) just got steeper - after the channel break.

The Positive divergence, seen last week, is still apparent (yellow arrow).

An all red week is rare - but with Price below all MAs and a channel break as pointed out last Monday - this too has happened.

Looking forward into next week:

Bears are on top. 

They have almost all Indicators on their side.

Support at the Weekly MVWAP34 should lead to some consolidation.

Positive Divergences are a precursor to some ranging moves or trend reversal.

Bulls have the above two, and hope on their side.

EOD Technical Analysis, CNX Nifty - 18 May 2012 - Bulls Hot!

Nifty 50: Short Term View (or) Day Chart, each candle is 1 week's price action  (or) EOD Chart:  

Nifty - End of Day - 18 May 2012     

On Thursday morning we had 'Wished the Bulls the best' (click), in our post titled "...Bull's'hot.."** 

Guess our sentiments were appreciated - cause the next two Daily closes, made by the Nifty (i.e. 4870 & 4891) were higher.

On a more serious note - at today's low, the 200 DMA read 5085 and the 34 EMA read 5100, they were within 15 points of a cross - instead they choose to deflect - as of now.

One of the supports as suggested in the last study, the Fibonacci 61.8% of the 2008 low to 2010 high, was the take off point today.

The bounce from today's low, was a neat 100+ points. 

All the above read along with our previous posts on this subject - would make the contra thinking, confirmed Bulls among us, enjoy their weekend. 

**PS: 

Bulls were Hot Today...

Bull Shot Recipe for weekend use can be googled.

Have a good one...

EOW Technical Analysis, S&P 500 - 17 May 2012 - Bulls face Book..

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

S&P 500 - End of  Week Chart (EOW) - 17 May, 2012.

After Monday's Market Action we had changed the short term view from Neutral to Bear (click).

It was an input received just in time, to catch the big move.

Bears celebrated all the way to 1300, and are at the 'Blue Center line' of the Monthly RBG Channel.

The Weekly MVWAP 34 (blue dashed line), is the next support.

With this decent support available, the Bulls should bounce back a bit.

Let us Face it - all this liquidity sucked out of the system by one large IPO - should be back by now eh? - maybe one can book some bull action next? :)

EOD Technical Analysis, CNX Nifty - 16 May 2012 - Bull's'hot anyone?

Nifty 50: Short Term View (or) Day Chart, each candle is 1 week's price action  (or) EOD Chart:  

Nifty - End of Day - 16 May 2012     

We came into this week. noting that. the momentum across all the screens. was with the Bears (click).

After Monday's market action we added that, the US - S&P 500's short term, EOD screen, had moved from Neutral to Bear (click) - this helped us manage longs yesterday.

As seen on the EOD - the Nifty has lost ground and Bears continue to rule.

The Price is near the Blue middle line of our RBG Channel - and also the Fibonacci 61.8% of the 2008 low to 2010 high.

Our EOW study last weekend and earlier (click) showed us the possibility of a consolidation near these levels.

Bulls would hope that the fast approaching cross of the 34 EMA and the 200 DMA (& also the Golden Cross) would be deflections (i.e no cross, only touch and reverse)

All of the above makes the performance of the Bulls, for the rest of the week, critical from a long term perspective.
Here is wishing them the best .. Cheers!

EOD Technical Analysis, S&P 500 - 14 May 2012 - Bears break below Channel.

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

S&P 500 - End of Day (EOD) - 14 May  2012  

The yellow Day Channel shown above had held on, thro' all of last week's Bear onslaught (click).

Today it gave a break on the downside as shown in the blue circle.

The MACD Histogram is also seen ticking lower.

The Positive divergence is  still apparent (yellow arrow).

Next task for Bulls is to attempt a Pull back to the white Channel.

This screen is seen as all bear (click) until the Price breaks above the 5 EMA.