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Tuesday, May 27, 2014

S&P 500 - Triple Screen 'Technical Analysis' - AT ATH - Week 5 of May 2014.



S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 23 May'14


S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from Aug'2011 onward - as on 23 May'14


S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Dec'13, onward - as on 23 May'14




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

Patterns:
  • Bulls butt against ATH again - Three Inside Down #W1 fails.
Support & Resistance:
  • Index holds gains - the 13 SMA #W1, was near support again, as was the 34 EMA #D1.
Moving Averages:  
  • The 5 EMA and 13 SMA #D1 - on the short term screen - deflected Bullishly again last week.. 
Indicators:
  • RSI 13, stagnates in the 60s #W2.
  • TSI continues holding above its crucial Fibonacci level #M2.

Wrap:
Bulls dominate all 3 screens - Bears defend the current ATH (All time High).




Looking forward into this Week:


Patterns:
  • The High wave Candle Pattern (Study link herehere or elsewhereis active  #W1. 
Support & Resistance:
  • Bulls see support at the 13 SMA (1866) #W1, while the Week Channel Top #W1 remains resistance.
Moving Averages:
  • 5 EMA and 13 SMA on the EOW #W1 would cross bearishly at a Index reading below 1826.
Indicators:
  • Stochastic 34 3 4, staying back in the over-bought zone, works for the Bulls #D2. 


Wrap:
Bulls want to cross and stay above current ATH - Bear future lies below the 13 SMA on the Weekly charts #W1. 


The Dow Jones - Ichimoku Study - Tenkan Sen 5X - Week 5 of May 2014.



Dow 30 - End of  Week Chart (EOW) - Analyzing 24 Month's Data - as on 23 May'14



Introduction / Primer to Ichimoku can be read at this link (click). 



Learning from the earlier Study: (click here for the post)

Bulls resisted at ATH #W2.

Price Line bounces off the Tenkan Sen intra-week for the 5th week #W2.
At present height, the Chikou span seen running bearishly into the Price Line #W1.


Wrap: Index takes support at Tenkan Sen - new ATH holds #W2.




Looking Forward into this Week:


Keeping above the Tenkan Sen - Bulls have hopes of a new ATH #W2.
Bearish Cross or Bullish Deflection of Tenkan Sen & Kijun Sen, would continue to show direction going forward #W2.
Bulls wary of the Chikou span bearishly crossing the Price line #W1.


Wrap: Bulls look to break and close above this range #W2, Bears hope to get below the Tenkan Sen after 5 aborted attempts in 5 consecutive weeks #W2.