S&P 500 update 12th May 2011

  Daily Chart

Fall from 1371 could not be retraced in shorter time thus bias remains down. Coiling effect in the form of a symmetrical traingle should  be broken soon giving a move of about 40 points on the side of breakout.With the bias down chances of breaking lower is more. Support on the triangle is at 1338 and resistance at 1358.

Trade on the side of the breakout.

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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com