Monday, August 11, 2014

S&P 500 - Triple Screen 'Technical Analysis' - Touch - Week 2 of August 2014.



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 08 Aug'14



S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 08 Aug'14



S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Jan'14, onward - as on 08 Aug'14





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

Patterns:
  • Bullish Harami forms on the Weekly Charts #W1.
Support & Resistance:
  • Index within the current EOD channel - new declining channel seen #D1.
  • Index stays below the weekly 13 SMA #W1, tests the 5 EMA (1911) on the Monthly Screen #M1, and closes above this mark and the 5 EMA on the EOD.
Moving Averages:  
    • The weekly 5 EMA and 13 SMA, 'Touch' - to cross bearishly or deflect bullishly #D1.
    Indicators:
    • STS 34 3 4, slips into the over sold #D2.
    • TSI under pressure. to continue holding, above its crucial Fibonacci level #M2.

    Wrap:
    Just when the Bears were getting control of the medium term screen, Bulls come close to retaking the short term screen - Medium and Short Term Screen therefore in neutral zone.




    Looking forward into this Week:


    Patterns:

    • Bullish Harami on the Medium Term Screen is now active (Study links herehere or elsewhere).
    • Bulls seek to make the above a Three Inside Up (Study Links here, here or elsewhere) #W1.
    Support & Resistance:
    • Current EOD channel (declining) Bottom and the monthly 5 EMA (1911) are the supports.
    • The deflection point for the Medium Term 5 EMA & 13 SMA (1957) #W1, is resistance to beat, for the Bulls.
    Moving Averages:
    • The critical 5 EMA and 13 SMA on the EOW, will stay on Bullish deflection course, if Index closes above 1957, this week #W1
    Indicators:
    • TSI holding above the Fibonacci level 76.4%, works for the Bulls #M2.


    Wrap:
    Bulls seek deflection of the 5 EMA and 13 SMA #W1 continuing, by triggering a Three inside up and closing above 1957.
    Bears would want to see the first monthly close below the 5 EMA (1911) after May 2012 #M1.