Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, September 8, 2010

What is the US S&P500 doing while Nifty gallops up and away ?


 S&P 500 Daily Chart

Well, the charts show it delicately poised as it will face resistance from two technical parameters. Having reacted from the down trending line from the April 2010  highs of 1220, a breakout from this trendline is necessary for further upsides. Resistance is at 1102.

The second resistance would be around 1131-1129  level which is the neckline of a probable inverse head and shoulders.

Oscillators  are weak with the Rsi14 barely above the 50 line , the stochastics overbought and Macd below the zero line. Moving averages 10,20,50 and 200 are all bearishly aligned. In short , the bulls are in the Nifty and the Bears in the S&P.

Strong supports at 1079 -1065.  Resistance at 1102-1129.

Happy Trading !!
Lakshmi Ramachandran

1 comment:

Sujatha said...

it's quite surprise about S&P.

thanks nd regards