Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, July 7, 2011

S&P500 7th July 2011

Daily Chart

The green trendline proved good resistance and a hanging man was formed, which is bearish.Also an outside day was formed ( though the high was very marginally higher) which is a one day reversal pattern. Extreme overbought status of the stochastics supports a correction. The pullback if any could be a right shoulder of a potential inverse head and shoulder pattern with the green neckline.

Supports at 1330-1321-1309.

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Happy Trading !!
Lakshmi Ramachandran

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