Weekly Chart
A shooting star with an unusually long upper shadow .I am identifying it as a shooting star rather than a hammer as the S&P500 was in a short term uptrend.Also having reacted from the 50% fibo level indicates bearishness.Only a close above the high at 1230 will negate the bearishness.
Daily Chart
The daily charts depict the bearishness more vividly. The 50 dema and the 50 % fibo level was good resistance as mentioned in my earlier posts.
Supports now at 1145-1120-1100-1075. Resistance at 1231-1236-1256-1268.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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