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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 a propriety 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 this kind of 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 trendlines.

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 “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 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 “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.

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Finally there is the SVE_BB%b_HA (18 periods). This is a %b Bollinger band indicator based on heikin ashi re-calculated prices. It shows where price is in relation to the Bollinger bands and measures volatility. This oscillator shows divergences and is mostly turning very fast before any sign of direction change in price. The MetaStock® code for the SVE_BB%b_HA indicator can be found in the tab “Formulas”.

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