Monday, June 16, 2014

S&P 500 - Triple Screen 'Technical Analysis' - Top Stop - Week 3 of June 2014.



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 13 June'14



S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 13 June'14


S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Apr'14, onward - as on 13 June'14




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

Patterns:
  • As studied last week, Strong Resistance was faced at Weekly Channel Top. This stops the Bull up move and produces a Bearish Harami #W1.
Support & Resistance:
  • Index slips below the 5 EMA on the Day charts #D1, but stays above the 5 EMA on the Weekly #W1. 
  • Weekly Channel Top was resistance #W1.
Moving Averages:  
  • The 5 EMA and 13 SMA, poised for another deflection or Bearish Cross #D1 
Indicators:
  • RSI 13, stagnates in the 60s again #W2.
  • TSI continues holding above its crucial Fibonacci level #M2.

Wrap:
Bulls retain control of the Medium and Long Term Screens - Bears defend the EOW channel top and dominate the Short Term Screen #W1.




Looking forward into this Week:


Patterns:
  • The Medium Term Bearish Harami (Study link herehere or elsewhereis active  #W1. 
  • Following the Bearish Harami, Bears look to enforce a Three Inside Down  (Study link herehere or elsewhere#W1.
Support & Resistance:
  • 5 EMA on the EOW #W1 at a Index reading of 1921 is support for the week, while the Week Channel Top #W1 remains resistance.
Moving Averages:
  • 5 EMA and 13 SMA could cross Bearishly below Index reading of 1928 (for Monday) - giving the Bears the short term screen #D1.
Indicators:
  • Stochastic 34 3 4, staying back in the over-bought zone, works for the Bulls #D2. 


Wrap:
Bulls want life above the 5 EMA on the Day charts - Bear future lies below the 13 SMA on the Weekly charts after triggering a 3 inside down #W1.