1. SPX daily closes chart 2. SPX price bars within their 65,2 BB channel 3. the Horizontal SPX price lines I placed on the chart represent the potential horizontal support & resistance locations, and the $1800 downside goal for the current declining sequence since last week of December is placed on the chart settings as a pink Horizontal line
chart #2 -
39ema representing the 5% trend vs. the 200ema (trend direction)confirmation for the S&P 500 cumulative Advance-Decline breadth line
* with the 39 vs. the 200 ema's having a bearish cross over to each other, the sellers have control until this A-D line pattern structure is negated at some time in the future
* the SPY 15,2 BB channel shown as the lowest chart element is a setting I learned from Jea Yu, (Secrets of the Underground Trader - author)
An EMA differs from a simple moving average (SMA) because it weights the more recent data more heavily. An EMA employs a factor known as a “smoothing constant” to give a certain amount of weight to the current period’s data. An EMA which uses a 10% smoothing constant, for example, would count today’s price or breadth data value as 10% and yesterday’s EMA value as 90% for calculating today’s new EMA value. Haurlan simpl ified the terminology by referring to such an EMA as a “10% Trend”. A slower EMA which employs a 5% smoothing constant was termed a “5% Trend”, and its value would be calculated by adding together 5% of today’s price or breadth data and 95% of yesterdays 5% Trend value. Haurlan advocated the use of a variety of different smoothing constant values for stock market analysis, depending on Part I: Development of the McClellan Oscillator 3 whether one wanted a faster or slower reaction by the EMA. He also recommended using the somewhat round - numbered smoothi ng constants of 1%, 2%, 5%, 10%, 20%, and 50%, since he knew that most analysts in the 1960s would be doing the math longhand for calculating these EMA s , an d the round - numbered smoothing constants made the calculations easier
* the trade bias action ability criteria for Glen's CCI indicator and price Moving Average combo is described in detail and clearly in the intro. section of this IHub forum
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