Monday, February 3, 2014

S&P 500 - Triple Screen 'Technical Analysis' - Red 2014, Bulls hold a line - Week 1 of February 2014.



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 31 Jan'14



S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 31 Jan'14



S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Dec'2013, onward - as on 31 Jan'14




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


Patterns:

  • Week Chart's Bearish 'Three Inside Down' (Study link herehere or elsewhere) gives the Bears some more honey #W1. 
  • Last 4 candles on the Month Screen show a near 'Deliberation Candle Pattern' going Bear as the January 2014 candle closes red #M1,
Support & Resistance:
  • Bulls close just above the 5 EMA on the Monthly chart #M1.
Moving Averages:  
  • On the Week Chart, the 5 EMA makes a Bearish Cross with the 13 SMA #W1. 
Indicators:
  • RSI 13, meanders in the 50s #W2.
  • Month Chart Oscillator below the overbought, as it has been after the August'13 Close #M2.


Wrap:
Bulls see red month and year but consolidate last week - Bears take the Short Term and nearly take the Medium Term too..   



Looking forward into this Week:


Patterns:
  • The near 'Deliberation Candle Pattern' going Bear (Study link here, here or elsewhere) needs consideration #M1. 
  • Week Chart's Bearish 'Three Inside Down'  (Study link herehere or elsewhere) is active #W1. 
Support & Resistance:
  • MVWAP 34 on the Short Term Chart is resistance for the Bulls, while the Month Chart's 5 EMA (1771) is the next Support.
Moving Averages:
  • Bears need to keep the 5 EMA on the EOW below the 13 SMA (i.e index below 1826) to stay in the game #W1
Indicators:
  • Stochastic 34 3 4, deliberating near the over sold, works for the Bulls #D2.  


Wrap:
Bulls desperately want to hold above 1771 - Bears want to keep the Week Chart's 5 EMA below the 13 SMA.