Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, January 16, 2013

S&P500 16th January 2012

Daily Chart 

 So are these long lower shadows of the last three days showing buying at lower levels and therefore bullish? Difficult to say but since the trend is bullish we need to assume that there is buying everytime prices are being pushed lower. But then renewed buying at those highs is also necessary to push prices higher.

The Outside day pattern formed on daily charts may give the solution.Watch for the break of the high 1473.31 and the low 1463.76 of the pattern which should set the short term direction.

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Happy Trading !!

Lakshmi Ramachandran

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