S&P 500 update 8th June, 2011

 Daily Chart

As anticipated the recovery was sold into, forming an inverted hammer.Inverted hammers are potentially bullish candlesticks requiring a confirmation of their bullishness by the next candle.Trade above the low of hammer today would be confirmation of a low having been cemented for the time being.

 Daily Chart II

If the low holds then a rally to the resistance line of the channel shown in chart II could be possible.

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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com