Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, October 17, 2011

S&P500 17th October 2011

 Weekly Chart

The downward sloping channel was broken successfully on the upside with a bullish follow up candle to the hammer like pattern of last week.Volumes were just average indicating no "real buying interest". Oscillators too showing strength and moving up after showing positive divergence.This rally will be considered a pullback till crucial resistances of 1356-1370 is crossed. 

Daily Chart

 Good breakout after a small reaction candle which took support at the 50 dema.Resistance now at  1230-1235 needs to be crossed for further bullishness.Support at 1206-1191.

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Happy Trading !!
Lakshmi Ramachandran

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