Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, November 17, 2010

S&P 500 update --17th November

 Daily Chart

The hope of the correction being a consolidation within a bear flag was broken with a huge bearish candle which broke through the flag's lower trendline and through the strong support of 1182.Extreme bad breadth and huge volumes show bears may be in control for a while now.

Thers is good support at 1168 from the 50 dema  and at 1155 being the 38.2% fibonacci retracement level of rise form 1040.

Happy Trading !!
Lakshmi Ramachandran

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