Monday, February 24, 2014

S&P 500 - Triple Screen 'Technical Analysis' - At ATH Again - Week 4 of February 2014.



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 21 Feb'14


S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 21 Feb'14


S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Oct'2013, onward - as on 21 Feb'14



Learning from last Week:  (click here for the previous post)

Patterns:

  • Bulls use the Hammer Candle at the bottom of the last dive to reach the ATH #W1. 
  • Month Screen shows a 'Deliberation Candle Pattern - 3 green candles' followed by the Jan and Feb'14 candles #M1,
  • Bearish Harami formed by the last two candles on the Weekly #W1,
Support & Resistance:
  • Bulls keep it above the 13 SMA on the Week charts #W1 and hit out at the ATH intra-week. #D1.
Moving Averages:  
  • On the Week Chart #W1 and Day Charts #D1, the 5 EMA stays bullishly crossed above the 13 SMA,  
Indicators:
  • RSI 13, continues to meander in the 50s #W2 while the Stochastic keeps it to the over-bought  #D1


Wrap:
Bulls at the ATH again - Bears defend the ATH.




Looking forward into this Week:


Patterns:
  • The 'Deliberation Candle Pattern' (Study link herehere or elsewhere) needs consideration #M1. 
  • Weekly Bearish Harami's possible progression to a Three Inside Down worth a study (Study link herehere or elsewhere) #W1. 
Support & Resistance:
  • MVWAP 34 on the Short Term Chart is now support for the Bulls, while the All Time High (ATH) #M1 is resistance.
Moving Averages:
  • Bears need to get the index below the 13 SMA (1816) #W1 to get back into the game - Bulls look for a new ATH #M1.
Indicators:
  • Stochastic 34 3 4, staying in the over-bought, works for the Bulls #D2.  


Wrap:
Bears target the 13 SMA #W1 (1816) - Bulls seek momentum to make a new ATH.