Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, June 13, 2011

S&P 500 update 13th June, 2011

Weekly Chart

The fall continued and has got close enough to threaten breaking the February 2011 low of 1249. If breaks 1249 then a medium term downtrend would be signalled. Weekly stochastics has reached the oversold zone signalling a pullback may come soon.

Daily Chart

In my post of 10th (  ) I said, " The recovery seems to be due to the oversold status and till more evidence of a reversal is seen, the rise is best sold into ". The S&P500 sold heavily as anticipated and came threateningly close to the 200 dema. Support from the 200 dema now at 1261.43.
The daily stochastics too is highly oversold and a pullback may come in soon The first minor sign of a reversal would be crossing 1294 , the high made on Thursday's pullback .

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Happy Trading !!
Lakshmi Ramachandran

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