Monday, October 27, 2014

S&P 500 - Triple Screen 'Technical Analysis' - Channel Resistance, Megaphone - Week 5 of October 2014.



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 24 Oct'14


S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 24 Oct'14


S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Jan'14, onward - as on 24 Oct'14

 



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

Patterns:
  • Last week's Hammer, blows the Index up to the weekly 13 SMA #W1.
  • Index rises from the Day Channel Bottom to near its top - Possible Broadening Top (see Megaphone pattern) in progress on the Day Charts #D1.
Support & Resistance:
  • Bulls defend the Month channel bottom on the EOM #M1, and close above the 5 EMA on the Long Term Charts #M1.
  • Bears hold down the Index at the 13 SMA on the EOW #W1.
Moving Averages:  
    • 5 EMA and 13 SMA, stay crossed Bearishly on the EOW #W1.
    Indicators:
    • RSI 13 meanders in the 50s #W2.

    Wrap:
    Bulls take off from the Long Term Channel bottom #M1 with a Hammer. 
    Bears hold down the index at the weekly 13 SMA #W1 and present a Megaphone #D1.




    Looking forward into this Week:

    Patterns:
    • Hammer (Study Links herehere or elsewhere) active in the Medium Term screen #W1.
    • Broadening Top (Study Links herehere or elsewhere) forming on the Day Chart needs to be watched #D1.
    Support & Resistance: 
    • EOD channel Top #D1, and the All Time High (ATH) are resistances.
    • The EOM channel bottom #M1, and the Monthly 5 EMA #M1, are Supports.
    Moving Averages:
    • The Index is currently at the 13 SMA on the EOW i.e 1966 #W1.
    Indicators:
    • TSI slips below the 76.4% Fibonacci retrace #M2.


    Wrap:
    Bulls look to hammer their way to the All Time High (ATH), with some help from the Broadening Top #D1.
    Bears look to hold below the Day Channel #D1 and the Weekly 13 SMA #W1