S&P 500 Daily Chart
Well, the charts show it delicately poised as it will face resistance from two technical parameters. Having reacted from the down trending line from the April 2010 highs of 1220, a breakout from this trendline is necessary for further upsides. Resistance is at 1102.
The second resistance would be around 1131-1129 level which is the neckline of a probable inverse head and shoulders.
Oscillators are weak with the Rsi14 barely above the 50 line , the stochastics overbought and Macd below the zero line. Moving averages 10,20,50 and 200 are all bearishly aligned. In short , the bulls are in the Nifty and the Bears in the S&P.
Strong supports at 1079 -1065. Resistance at 1102-1129.
Happy Trading !!