Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, September 20, 2010

S&P 500 update --20th September

Daily Chart

The Inside Day breakout was on the upside as indicated by the pennant.The break above the earlier high of 1131.23 was very marginal at 1131.47. The breakout though was disappointing as  the close could not sustain abive the neckline which  continues to be too strong resistance for the bulls.The bears put up a good fight  resulting   in a   doji .

The 50 dema has bullishly crossed over the 200 dema once again . But till the neckline is crossed decisively and there is a consistent and decisive close above the earlier high of 1131, the bullishness of the crossover is suspect as proved on the two  earlier occasions in July and August.

Bearish Head and Shoulders  Pattern

If the bullish neckline is not broken out then this bearish head and shoulder neckline threatens. Support at the neckline is at 994.

Supports are at 1110-1096   and Resistance at  1131-1141.

Happy Trading !!
Lakshmi Ramachandran

1 comment:

Sujatha said...


Thank you very much for your updation It's helpful to learn and sometimes it's the deciding "idiot" of global market.

bearish head and shoulder neckline threatens. Why threatnes?? let it come down no probs. 2morow FED chairman speech, donno wat he s going to bluff and donno how mkt will react :( chandamama due :P

Onceagain thanks and goodnight.