Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, October 1, 2010

S&P 500 update --1st October

 Daily Chart

Daily Chart II

The S & P 500 experienced a wide ranging day resisting exactly at the green trendline which is the downtrendline from october 2007 highs. After a strong advance, a wide-ranging day with a weak close signals a downside reversal. The close is also below the uptrendline from the lows of 1040. The recent action which formed an  ascending triangle, has now taken shape of a rising wedge which is also a bearish formation.

The support from the  wedge is at 1138.65 and resistance at 1158.80.

Happy Trading !!
Lakshmi Ramachandran

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