Weekly Chart
Weekly charts show and evening star pattern which is a bearish pattern. Support taken at 50% fibo level of rise from 1258 to 1356.61.8% at 1296.Oscillators showing weakness.
Daily Chart
Daily Chart has made an Inside day pattern which works positively for the S&P500 as shown in red elipses and mentioned in my earlier post ( http://vipreetinvestments.blogspot.com/2011/03/s-500-update-18th-march-2011.html ). If responds positively to the pattern as has done earlier, scaling the minor high of 1331 will be the first sign of a short term uptrend.The stochastic has turned up from the oversold area supporting an upmove.
Resistance at 1317-1331-1356 Support at 1304-1296-1258.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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