Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Tuesday, July 5, 2011

S&P500 Monthly and Weekly Update 5th July 2011

 Monthly Chart

Monthly stochastics in sell from the overbought region supporting a correction.Rising wedge support at 1280.

Weekly Chart

The weekly candle was extremely bullish on good volumes. It was the highest close in the last seven weeks.Stochastics has given a buy after reaching the oversold levels indicating the pullback may continue.

 Daily Chart

Daily stochastics has reached the overbought level. 1345 may prove good resistance triggering a pullback.

Resistance now at 1345-1365-1392. Support at 1322-1310-1300-1291-1258.Only a fall below 1258 will reverse the trend.

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Happy Trading !!
Lakshmi Ramachandran

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