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Om  Sri  Ganeshaya  Namaha
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Wednesday, November 10, 2010

S&P 500 update --10th November

Daily Chart

1127 was tested again only to move down and make a lower low thus forming a bearish 'Outside Day" pattern. The outside day occuring at the highs and that the candle entirely encompasses last two days candle and has pierced more than 50% into the huge bullish candle of last Thursday makes it more meaningful in predicting that a short term top may have been formed.The bearish candle after a doji at the top gives support to this view.

Support of the uptrendline from 1040 is at 1199 and the 232.6% retracement level of the rise from 1040 is at 1182.

Happy Trading !!
Lakshmi Ramachandran

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