Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, November 29, 2010

S&P 500 update --29th November 2010

Weekly Chart

 Daily Chart

The weekly charts and daily charts show an Inside Day pattern which indicates indecision.Momentum will pick up in the direction of breakout.The weekly levels for this pattern breakout is 1173-1207  and daily levels are 1183-1198.

The daily shows the sideways action since 1173 low as a pennant defined as, two converging trendlines that form a narrow, tapering flag shape, more of a  horizontal move rather than one with a downtrend or uptrend. Pennants are continuation patterns thus suggesting that the downtrend which started from the 1227 high is likely to continue.

Happy Trading !!
Lakshmi Ramachandran

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