Daily Chart
A small bodied small ranged candle at resistance.Support taken exactly on the downtrendline.Difficult to say whether it signifies a pause in the near term uptrend from 1296 or a complete waning of the upmove.Till the high of 1256 - 1271 is scaled the sideways to down move will continue.
Daily Chart II
With only a potential lower top at 1356 (only if 1258 is broken will a lower top be in place) it is difficult to declare a downtrend.The higher high of 1371 remains unconquered. So the S&P500 remains in a limbo with a bullish possibility above the upper blue trendline and a bearish possibility below the lower blue trendline.
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Lakshmi Ramachandran
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