|S&P 500: Long Term View (or) EOM Chart (or) Month Chart - each candle is 1 month's price action|
|S&P 500: Medium Term View (or) EOW Chart (or) Week Chart - each candle is 1 week's price action|
|S&P 500: Short Term View (or) EOD Chart (or) Day Chart - each candle is 1 day's price action|
Learning from last Week: (click here for the previous post)
- Bullish '3 Inside up' #M1, on the Long Term Charts kept November green - December candle turns green after honors are wrested back by Bulls with a new ATH.
- Index takes off from support at the 13 SMA on the EOW #W1 and sail above our mark of 1785 to make a new ATH.
- EOW channel top was nearest resistance #W1.
- With the Bullish cross of the 5 EMA and 13 SMA - Bulls get their direction last week.
- Bulls with the new ATH, end above all the MAs we track across all screens.
- RSI 13, manages to stay in the overbought #W2.
- Month Chart Oscillator remains below the over-bought, after the August Close #M2.
Bulls take off from support at the 13 SMA on the EOW #W1 to get a new ATH - Bears hold the EOW channel top..
Looking forward into this Week:
Support & Resistance:
- 200 SMA and EOD channel Bottom on the Short Term Chart are Support for the Bulls, while the 'All Time High' Line and the Channel Top #W1 are resistances.
- Bulls dominate all three screens.
- Bears need to get below the 5 EMA on the EOW (1797) to get a life #W1.
- Stochastic 34 3 4 in the overbought zone, works for the Bulls #D1
Bears see life below 1797 and trust the EOW channel top #W1 holds the Bulls - Bulls expect to make new highs and keep December's candle green #M1.