Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, January 26, 2011

S&P 500 update --26th January 2011

 Daily Chart

A megaphone formation within the rising wedge which i have been showing for quite sometime. Both bearish formations.Coiling   taking place with the larger extremes being 1296-1271  and the smaller extremes contained within 1292-1281.A breakout from the smaller range will find support / resistance at the larger range.

If the megaphone  support lines give way  then should find support on the support line of the rising wedge at 1260.

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Happy Trading !!
Lakshmi Ramachandran

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