Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, February 13, 2012

S&P500 13TH Februrary 2012

 Weekly Chart

A doji indicating waning upward momentum.Occuring when oscillators are overbought one needs to look out for other signals in anticipation of a corrrection.Negative divergence on stochastics increases the possibility of a pullback. Support for the week at 1332 and resistance at 1365.

Daily Chart

Friday's candle failed to touch the resistance line of the red rising wedge and made a lower high lower low candle which resembles an evening star reversal pattern.Crucial support at support line of the rising wedge at 1336,  break of which will give a sizable correction of 150 points.

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Happy Trading !!
Lakshmi Ramachandran

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