|S&P 500 - End of Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 20 Sept'13|
|S&P 500 - End of Week Chart (EOW) - Channel analyzing Data from Aug' 2011 onward - as on 20 Sept'13|
|S&P 500 - End of Day Chart (EOD) - Channel analyzing Data from July'2013, onward - as on 20 Sept'13|
Learning from the Past Week: (click here for the previous post)
- 'Three Inside Up' studied last week gives the Bulls a new High #W1.
- 'Opening White Marubozus' also mentioned last week - help the up-move #W1.
- Bearish 'Head &Shoulder' Pattern fails to materialize early in the week #W1.
- The New 'All time High' and the new Day Channel Top (Pink) were resistances #D1.
- The short Term 5 EMA was support for the Bulls last week #D1.
- 5 EMA and 13 SMA stay crossed Bullishly on the EOD charts #D1.
- On the EOW - 5 EMA and 13 SMA stay Bullishly deflected #W1.
- Index keeps above the 5 EMA on the Long Term Charts #M1.
- RSI 13 touches overbought #W2.
- Stochastic 34 3 4 also in over bought zone #D2.
- Month Chart Oscillator remains below the over-bought, after the August Close #M2.
Bears lose their way, Bulls ride to a new High..
Looking forward into the next Week:
Support & Resistance:
- 13 SMA on the Short Term Chart is the nearest Support for the Bulls, while the new 'All Time High' #D1 is resistance.
- Beyond these the 76.4% Fibonacci Retrace #M1 - is the next major support and the Month Channel Top (blue) is the resistance seen, #M1.
- Staying above the 5 EMA on the EOM #M1 - shows long term strength of the Bulls.
- Staying above the 13 SMA on the Week Charts #W1 important for Bulls.
- Oscillator #M2 keeping below oversold favors the Bears.
- Stochastic 34 3 4 remaining in the over bought zone, works for the Bulls #W1
Bulls see the 'Marubozus' and the 'Three Inside Up' #W1, continuing the up-move - Bears want life below the 5 EMA on the EOD to start with #D1.