Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, November 16, 2010

S&P 500 update --16th November

 Daily Chart

An "Inside Day",  showing  indecision. Direction will be set on break of 1194, the low of Friday or, a breakout from 1210, the high of Friday.

The fall is within a well formed channel which has resistance at 1199 and support at 1184. Support  at 23.6% fibo level of rise from 1040 is at 1182.Around the 1182 levels good support was found during sideways consolidation on the way up to 1227.Expect good support around this level. If the support breaks then  1155-1160 would be good support.

Happy Trading !!
Lakshmi Ramachandran

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