Weekly Chart
Weekly Chart II
The S&P500 is in an uptrend since March 2009. Having scaled the earlier peak of 1371 the fibonacci target now would be 1555. 2008 peak at 1576. The red expanding triangle target would be 1610.This makes any dip a buying oppurtunity till the low of 1074 is broken.Negative divergences on oscillators persist.
Daily Chart
The short term is in a correction and the 5& 10 dema has given a sell.Supports at 1387-1381-1371.Only a fall below 1340 will lead to a deeper fall.
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Lakshmi Ramachandran
www.vipreetsafetrading.com
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