|S&P 500 - End of Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 21 Mar'14|
|S&P 500 - End of Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 21 Mar'14|
|S&P 500 - End of Day Chart (EOD) - Channel analyzing Data from Oct'2013, onward - as on 21 Mar'14|
Learning from last Week: (click here for the previous post)
- Index forms another weekly 'Opening White Marubozu' #W1, month candle goes green #M1.
- Bulls resisted near the current ATH, Index closes above the Daily 13 SMA #D1.
- On the Day Chart, the 5 EMA and 13 SMA meet #D1.
- RSI 13, continues to meander in the 60s #W2.
- We shall use the True Strength Indicator (with a Fibonacci between its High and Low) on the long term charts #M1
Bears defend current ATH - Bulls close the week above the 13 SMA on the EOD #D1
Looking forward into this Week:
Support & Resistance:
- 13 SMA on the Week Charts (1833) #W1, continues as support for the Bulls, while the Week Channel Top #W1 remains resistance.
- Bullish cross or Bearish Deflection of the 5 EMA and the 13 SMA on the EOD #D1 is on the cards as they are in touch.
- Stochastic 34 3 4, staying in the over-bought zone, works for the Bulls #D2.
- TSI #M1 again comes back to test the 76.4% Fibonacci retrace line (indicator moved to above this retrace in early 2013).
Bears hope to get below 1833 - Bulls need the 5 EMA crossing above the 13 SMA on the EOD #D1.