|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)
- With the 'Three inside Down' on the Month Charts kept at bay last week, index moves towards earlier 'All time highs' #M1.
- 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.
- 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.
- 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:
- Bulls yet to clear off the Triple Top Threat conclusively ...
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.
- 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.
- 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.