I had mentioned in my monthly analysis yesterday , http://vipreetinvestments.blogspot.com/2011/06/s-500-update-1st-june-2011.html , Stochastics has given a sell in the overbought zone indicating a little more cooling off may be due.
The cooling took place rather rapidly retracing the bullish efforts of the last four trading sessions and closed decisively below the 50 dema.. The recent low of 1311 held. If breaks then has good supports at 1303-1294-1291. this area should hold for the time being. If yesterday's downward momentum were to continue then support will come at 1250 levels. 200 dema support is at 1260.
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