Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, September 6, 2011

S&P500 6th September 2011

 Weekly Chart

A shooting star with an unusually long upper shadow .I am identifying it as a shooting star rather than a hammer  as the S&P500 was in a short term uptrend.Also having reacted from the 50% fibo level indicates bearishness.Only a close above the high at 1230 will negate the bearishness.

Daily Chart

The daily charts depict the bearishness more vividly. The 50 dema and the 50 % fibo level was good resistance as mentioned in my earlier posts.

Supports now at 1145-1120-1100-1075. Resistance at  1231-1236-1256-1268.

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Happy Trading !!
Lakshmi Ramachandran

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