Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, December 6, 2010

S&P 500 Update 6th December, 2010

Weekly Chart

Spotted a bullish Cup and Handle formation.More bullish breakouts above the 1220 mark shown by the blue horizontal line are necessary to give confidence to the bulls to advance towards the bullish target of 1773. 

Daily Chart

The S&P 500 is facing resistance at the 61.8% retracement  of fall from 1576 to 666 at 1228 since the last 5 weeks. Scaling past this level would target the inverse head and shoulder target of 1246 shown earlier.Supports are at 1213-1206-1200.

Happy Trading !!
Lakshmi Ramachandran

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