Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, November 23, 2010

S&P 500 update --23rd November, 2010

 Daily Chart

A hammer and the hanging man have the same form but, while the former appears during a downtrend the latter appears during an uptrend. Both are reversal patterns. Since the S&P500 is now at crossroads, it is difficult to identify the pattern.

Delving more deeply we can see that a lower top and a lower bottom was formed yesterday. Also, the right shoulder of the bearish head and shoulders pattern seems to be forming .Lower top at 1200 has been made.So identifying it as a hanging man seems more relevant.

Resistance at 1200 and support at 1185.

Happy Trading !!
Lakshmi Ramachandran

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