Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Monday, January 23, 2012

S&P500 23rd January 2012

Weekly Chart

Did not quite touch the downtrendline from 1371.Resistance now at 1318.Stochastics has reached overbought region calling for caution on longs.Macd in buy, Rsi14  moving up above their midpoint..

  Daily Chart

 Daily charts formed a hanging man at the strong resistance of the downtrendline, though a longer lower shadow would have been more convincing,which is bearish. Resistance is at 1314.OBV has already crossed it's last peak and is moving up with strength.Macd in buy,20 and 50 dema completed the bullish cross and moving up, Rsi14 and stochastics too moving up above their mid point.

Short term trend is up.But the stochastics is overbought on weekly and daily charts calling for caution on longs.

follow me on twitter!/lucksr

Happy Trading !!
Lakshmi Ramachandran

No comments: