Monday, December 20, 2010
S&P 500 update --20th December 2010
This week's sideways movement between 1232-1247 made a small doji candle on the weekly after two bullish candles, indicating a possibility of the rise stalling. Oscillators Rsi 14 and Macd are in negative divergence which is marked on the charts giving strength to this possibility.
Daily charts show the sideways vividly and only a breakout of this 1232-1247 range can give some direction.The rising wedge will be resistance and support in case of the breakout at 1272 and 1205.
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