Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, September 29, 2010

S&P 500 update --29th September

 Daily Chart

The range 1122-1150  remained unbroken .The positive was that trading was restricted to the upper part of the range and selling was soon absorbed to close in the positive at 1148.

Daily Chart II

The formation shown in the second chart is more like a rising wedge (bearish)  than an ascending triangle (bullish). The argument in favour of ascending triangle is that the upper trendline is only marginally sloping upwards thus indicating an upward breakout..However keep a watch in case the lower trendline breaks, which has support  at 1135.10.The resistance to overcome is at 1150.40
Resistance at  1150-1152-1158-1174.  Support at 1144-1136-1122.


Happy Trading !!
Lakshmi Ramachandran

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