|S&P 500 - End of Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 28 Mar'14|
|S&P 500 - End of Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 28 Mar'14|
|S&P 500 - End of Day Chart (EOD) - Channel analyzing Data from Oct'2013, onward - as on 28 Mar'14|
Learning from last Week: (click here for the previous post)
- Index continues its consolidation after the 'Opening White Marubozu' of last week on the EOW #W1, month candle goes red again #M1.
- Bulls resisted near the current ATH, Index takes support at the Daily channel bottom #D1.
- On the Day Chart, the 5 EMA and 13 SMA deflect bearishly #D1.
- RSI 13, meanders to the 50s #W2.
- True Strength Indicator struggles to stay under the 74.6% Fibonacci retrace (between its High and Low) on the long term charts #M1
Bears defend current ATH - Bulls close the week inside the Day channel #D1
Looking forward into this Week:
Support & Resistance:
- 13 SMA on the Week Charts (1836) #W1, continues as support for the Bulls for the 7th week now, 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 close proximity.
- Stochastic 34 3 4, slipping below the over-bought zone, works for the Bears #D2.
- TSI staying above the 76.4% Fibonacci retrace line, favors the Bulls #M2.
Bears hope to get below 1836 - Bulls need the 5 EMA crossing above the 13 SMA on the EOD #D1.