Sunday, July 7, 2013

S&P 500 - Triple Screen 'Technical Analysis' - Week: 01 July to 05 July: 2013 - Bears Hold the Line



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 05 July'13



S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug' 2011 onward - as on 05 July'13



S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Nov'2012, onward - as on 05 July'13





Learning from the Past Week:  (click here for the post)

Patterns:
  • 'Three inside Down' on the Month Charts kept at bay, as the index stays above last month's close #M1.
Support & Resistance:
  • Bulls AGAIN bring up the index to the channel bottom #D1 - and get stopped in their pull back attempt.
Moving Averages:
  • 5 EMA deflecting the 13 SMA, meet on the Medium term charts #W1  & we have a bullish cross of these MAs on the Day Screen #D1.
  • July uses the Long Term 5 EMA as support #M1.
  • Bulls close above the 13 SMA on the Week Charts #W1.
Indicators:
  • RSI crosses above its and its MA while below oversold #W2.
  • Oscillator nudges above the 50 mark #D2.

Bulls 'Pull back' to our identified resistance - Day Channel's Bottom Green Line #D1..and stop.. AGAIN






Looking forward into the next Week:

Patterns:

Support & Resistance:
  • Day channel's, bottom green line #D1 remains the resistance for the Bulls.
  • The 76.4% Fibonacci Retrace - remaining around the last consolidation cluster #M1, is good for Bears.
Moving Averages:
  • Staying above the 5 EMA on the EOM #M1 - shows long term strength of the Bulls.
  • 5 EMA & 13 SMA  #W1  - Deflection is good for Bulls and Cross helps Bear Cause.
  • Getting below the 13 SMA on the Week Charts #W1 important for Bears.
Indicators:
  • #D2 above 50 and bullish cross at #W2,  favors the Bulls.

Bears hope the Channel bottom LINE #D1 holds, Bulls call for a COMPLETE deflection of the 5 EMA and 13 SMA #W1.