|S&P 500 - End of Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 03 Jan'14|
|S&P 500 - End of Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 03 Jan'14|
|S&P 500 - End of Day Chart (EOD) - Channel analyzing Data from Oct'2013, onward - as on 03 Jan'14|
Learning from last Week: (click here for the previous post)
- Bullish '3 Inside up' #M1, on the Long Term Charts kept November and December candles green, with a new ATH.
- A Bearish Harami is formed by the last two candles on the Medium Term Charts #W1.
- Index slides well below the 5 EMA on the EOD all of the new year, enough to paint the week red #D1, #W1.
- EOW channel top resistance (orange line) violated, but does hold up the Bulls #W1.
- The Month candle stayed above the 5 EMA showing the long term strength of the Bulls #M1.
- Bulls close above the 5 EMA on the EOW to demonstrate that they ended the week strong #W1.
- RSI 13, stays in the overbought #W2.
- Month Chart Oscillator remains below the overbought, after the August'13 Close #M2.
Bulls start the year on a red note but retain strength - Bears manage to hold fort at the EOW channel top #D1, #W1..
Looking forward into this Week:
Support & Resistance:
- 200 SMA and EOD channel Bottom on the Short Term Chart are Support for the Bulls.
- 'All Time High' Line and the Channel Top #W1 are resistances.
- Bears need to get below the 5 EMA on the EOW to get a life #W1.
- Bulls need to keep the 5 EMA on the EOD above the 13 SMA to keep their life #D1.
- Stochastic 34 3 4 in the overbought zone, works for the Bulls #D1.
- Oscillator popping into the over-bought this month, can set the Bulls free #M1.
Bears trust the EOW channel top #W1 holds the Bulls - Bulls seek to get green back into 2014 candles (Day, Week & Month).