Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, December 27, 2010

S&P 500 update --27th December 2010

Weekly Chart

The S&P 500 weekly chart shows a breakout above 1220 giving a target of 1430. Stochastics is in overbough territory and Rsi 14 is fast approaching .Negative divergence exists on Macd and Rsi 14 too is below it's peak formed when The price made a top at 1220.

 Daily Chart

The daily candle made a doji and closed below the red up trendline of the rising wedge.This may result in a down or sideways correction unless a move above the resistance from this trendline at 1262 is scaled.If the fall ensues a correction till the support of 1173 could be possible.

Fibonacci supports are at 1253-1249-1246-1243. Resistance at  1262-1270.

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Happy Trading !!
Lakshmi Ramachandran

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