Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Thursday, July 21, 2011

S&P500 21st July 2011

 Daily Chart

 A small bodied small ranged candle at resistance.Support taken exactly on the downtrendline.Difficult to say whether it signifies a pause in the near term uptrend from 1296 or a complete waning of the upmove.Till the high of 1256 - 1271 is scaled the sideways to down move will continue.

 Daily Chart II

With only  a potential lower top at 1356 (only if 1258 is broken will a lower top be in place)  it is difficult to declare a downtrend.The higher high of 1371 remains unconquered. So the S&P500 remains in a limbo with a bullish possibility above the upper blue trendline  and a bearish possibility below the lower blue trendline.

follow me on twitter!/lucksr

Happy Trading !!
Lakshmi Ramachandran

No comments: