Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, September 16, 2010

S&P 500 update --16th September

 Daily Chart

A lower high and a lower low but very marginally so. No direction was set in today's trade. The bullish engulfing candle is not to be read as bullish unless the high of the doji candle of tuesday is crossed decisively. If the low of yesterday's candle at 1114.63 is broken then there could be more follow up selling.

Resistance at the neckline continues to prove a strong hurdle for bulls.Bears not taking advantage of the situation either. Meanwhile the 20 dema has crossed over bullishly above the 200 dema. With the Dema's getting bullish , Bulls could be encouraged to make a strong attempt to crossover the neckline hurdle.

Watch out for a breakout above 1131 to go long or go short on  a pull back that goes below 1113.

Happy Trading !!
Lakshmi Ramachandran

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