Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Tuesday, October 5, 2010

S&P 500 update --5th October

Daily Chart

As indicated by the rising wedge the S&P broke down and closed at 1137. The target on this breakout is 1106. The new trendline drawn in blue encompassing yesterday's low has support at 1133.The fibonacci levels shown in pink has strong support at 1131 , the 23.6% level which is also the neckline of the inverse head and shoulders which is still holding well.A break below the 1133-1131 levels could see the target of 1106 being achieved with possible stoppage at 38.2 % level at1112.

Resistance is at 1144 and 1155.

Happy Trading !!
Lakshmi Ramachandran

No comments: