Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, December 12, 2011

S&P500 12th December 2011

 Weekly Chart

 The weekly candle  resisted at the down trendline from the 1356 top it made in July which offers resistance at 1264 for the week.Strong resistance at the red neckline is at 1276 and the previous top at 1292.Having made a higher high at 1158, a move above the 1292 top will bring in the bulls.

Daily Chart

The upmove from 1075 seems to be in a channel with resistance at 1342 and support at 1180. The S&P500 is at a strong resistance area with the 61.8% retracement level at 1258,   the downtrendline at 1265, the green neckline at 1278 and the previous top at 1292 all of which need to be crossed to attract the bulls.

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Happy Trading !!
Lakshmi Ramachandran

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