Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, July 30, 2012

S&P500 30th July 2012

Weekly Chart 

An Outside Day pattern was formed.The high is higher than the previous day's high and the low is lower than the previous day's low. Outside days are  reversal days. It  is a two-period pattern that suggests a potential reversal or deceleration of the current trend which is Up in case of the S&P500. A close below the low of the pattern, 1329.24, would signal a reversal.The stochastics in the overbought region is ripe for a pullback supporting the Outside day view.

Daily stochastics showing strength and yet to reach the overbought territory. The pullback may therefore continue before taking a dip

Daily Chart

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Happy Trading !!
Lakshmi Ramachandran

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