Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, September 17, 2010

S&P 500 update --17th September

Daily Chart

Lacklustre day without much change in the technicals. An Inside day was formed wherein the current candle's range is contained within the previous candle's range.This shows indecision. The immediate direction will be on the side of the breakout from the inside day's range which is 1126-1114.

The last 4 days action has formed a pennant. The levels for the breakout and breakdown are 1125 and 1115. A pennant being  a continuation pattern,  the break  should be on the upside giving a move equal to the post which measures 35 points.

Trade in the direction of the break of the Inside pattern range.

Happy Trading !!
Lakshmi Ramachandran

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