Sunday, July 14, 2013

S&P 500 - Triple Screen 'Technical Analysis' - Week: 08 July to 12 July: 2013 - Bulls break towards new High



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 12 July'13



S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug' 2011 onward - as on 12 July'13



S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Nov'2012, onward - as on 12 July'13





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

Patterns:
  • With the 'Three inside Down' on the Month Charts kept at bay last week, index moves towards earlier 'All time highs' #M1.
Support & Resistance:
  • Bulls break through the previous week's channel bottom #D1 - and we have a new red channel for the Day Chart.
  • Index almost near the  'All Time High' of May'13 - which is resistance for Bulls #D1.
Moving Averages:
  • 5 EMA deflects the 13 SMA, completely on the Medium term charts #W1.  
  • July uses the Long Term 5 EMA as support #M1.
  • Bulls keep above the 13 SMA on the Week Charts #W1.
  • Index kept above the 5 EMA on the EOD charts, all of last week #D1.
Indicators:
  • RSI keeps above its MA while below oversold #W2.
  • Oscillator nudges above the oversold mark #D2.


Bulls get 
a COMPLETE deflection of the 5 EMA and 13 SMA #W1 and push for a new 'All Time High'





Looking forward into the next Week:

Patterns:
Support & Resistance:
  • All Time High (May'13) #D1 remains the next resistance for the Bulls.
  • The 76.4% Fibonacci Retrace #M1 - is the next major support for the Bears to contend with.
Moving Averages:
  • Staying above the 5 EMA on the EOM #M1 - shows long term strength of the Bulls.
  • 5 EMA & 13 SMA  #W1  - Deflection was good for Bulls. 
  • 5 EMA & 13 SMA  #D1  - Cross would be good for Bears.
  • Getting below the 13 SMA on the Week Charts #W1 important for Bears.
Indicators:
  • Oscillator #D2 in oversold favors the Bulls.
  • RSI sliding below its MA while below oversold #W2 - good for bears.


Bears hope the All time High holds, Bulls call for a new High and more #M1.