Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Thursday, November 8, 2012

S&P500 8th November 2012

Daily Chart

 In my post on the 6th of November I had pointed out that the red pennant should characteristically break down and it did and how ! It gives a target of  1350. 

The falling channel shown in brown should now come into focus offering support at 1382.The uptrendline from 1074 lows has support at 1392 which has held well and would be key in telling us whether to take sides with the bulls or bears. 1380 is the 23.6% retracement level of the rise from 1074 to 1475.
 If these supports at 1392-1380 fails the 1350 target may be achieved.

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Happy Trading !!

Lakshmi Ramachandran

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