Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, December 13, 2010

S&P 500 update --13th December 2010

Weekly Chart

The S&P 500 gave a weekly close above the  much awaited breakout level at the 61.8% retracement level of fall from 1576 to 666. This is bullish . The formation from the lows of 666 has taken shape of  a cup with handle which is a bullish pattern ,shown in my weekly post at,  throwing up a target of  1774 ! Unbelievable at the moment! But the signs of bullishness are surfacing. The weekly 50 and 200 ema are closing in to give a bullish crossover.

Immediate target is 1246 of the inverse head and shoulder pattern . Daily oscillators though are in negative divergence having failed to keep up with price in reaching  higher levels.Use dips to buy provided the breakout does not prove false.

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Happy Trading !!
Lakshmi Ramachandran

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