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S&P500 Technical Analysis

Chart Template

This is the chart template I will use to follow the US market with the S&P500 index.

I will use a monthly, weekly and daily chart, for a long, medium and a short term view of the market. The basic price chart will be a bar chart or a candle chart. On the weekly and daily chart I will use my propriety expert function SATS2. The first green bar after a red bar is a buying signal; the first red bar after a green bar is the selling signal.

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On top of the prices I am using my indicator SVE_EW_Count to help me with the counting of Elliott waves. In the price window I will indicate the Elliott waves. I will use the following indication from the biggest to the smallest waves:
[EW], {EW}, (EW), EW, EW, ew, i-v. The Elliott wave count must help us to get an idea where price is going (next)? I consider the final correct count not that important as long as my own count points in the right direction. Of course we will be using support and resistance lines and trend lines.

Furthermore I will use Bollinger bands, a 50- 100- and 200 bars simple moving average, a fast short term moving average and an ATR based modified trailing stop.

Price projections will be made with the help of Fibonacci projections and the Andrews pitchfork.

The first indicator below the price window is the SVE_ARSI (14 periods) indicator (blue graph). The MetaStock® code for the ARSI indicator can be found in the tab “Technical Analysis - MetaStock formulas”. It is mainly used to look for divergences with price. In that same window, in red, I have a standard stochastic oscillator with a rather slow value of 50 periods and 3 bars slowing. This should help me to keep an eye on medium to longer term moves.

The second indicator is the propriety oscillator SVE_RSI_Swing. This oscillator makes fast short term swings between the lowest and highest value. This oscillator quickly indicates price turning points.

Next is my own oscillator SVAPO. The MetaStock® code for SVAPO and SVAPO_PriceOnly (for data without volume) is available in the tab “Technical Analysis - MetaStock Formulas”. SVAPO shows price turning points and divergences. In the same window we have volume data. Volume will give information about accumulation or distribution of the stocks.

In the last window, there is the SVE_BB%b_HA (18 periods) and an Inverse Fisher transform based on the stochastic oscillator. The SVE_BB%b_HA is a %b Bollinger band indicator based on heikin ashi re-calculated prices (published in S&C magazine). It shows where price is in relation to the Bollinger bands and measures volatility. This oscillator shows divergences and is mostly turning very fast even before a change in price direction is visible. The inverse Fisher transform is used to spot even small fast short term price turning points.

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