Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, March 4, 2013

S&P500 4th March 2013

Weekly Chart

Weekly charts show a hanging man with a lower low lower high candle which is bearish. Occuring at good resistance of the red uptrendline could prove a reversal if the coming week's candle is bearish.The doji formed for the third week in succession shows an indecisive ranged trading which needs to be resolved with breaking abov the red uptrendline or a break below the blue uptrendline at  1467.

Daily Chart 

 Daily charts show a neckline of a bullish head and shoulder pattern formed at 1526.Crossing this level will renew the uptrend once again. However a shooting star and a hanging man in succession could mean more bearishness to come. Supports are at 1506-1495-1487.

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Happy Trading !!

Lakshmi Ramachandran

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