Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, July 18, 2011

S&P500 18th July 2011

Weekly Chart

Weekly charts show and evening star pattern which is a bearish pattern. Support taken at 50% fibo level of rise from 1258 to 1356.61.8% at 1296.Oscillators showing weakness.

 Daily Chart

Daily Chart has made an Inside day pattern which works positively for the S&P500 as shown in red elipses and mentioned in my earlier post (  ). If responds positively to the pattern as has done earlier, scaling  the minor high of 1331 will be the first sign of a short term uptrend.The stochastic has turned up from the oversold area supporting an upmove.

Resistance at 1317-1331-1356  Support at 1304-1296-1258.

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Happy Trading !!
Lakshmi Ramachandran

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