S&P 500 update 11th July, 2011

Weekly Chart

Daily Chart

Daily Chart II

The weekly candle is a doji showing stalling of the uptrend.Volumes were very low.  Daily Charts show the S&P500 moving in a 100 point range since the beginning of this year. A breakout on either side would give a 100 point move in that direction.An expanding triangle seems to be forming which is a bearish topping out pattern.

Weekly Oscillators stochastics moving up strongly from oversold zone.  Daily stochastics has given a sell in the overbought zone indicating some pullback may happen in the near term.Friday's candle made a lower high lower low changing  the bias to negative.Support taken at 23.6% fibo level of rise from 1258.

Resistance at 1345-1371  Support at 1330-1319.

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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com