S&P500 has been on a bounce which is sustaining well with a minor dip till 1385 from which it recovered fast enough making a long lower shadow on the weekly candle.1385 will now be the point to watch for any weakness.
The daily chart made an Inside Day which shows indecision and increases the possibility of a reversal.The doji formed on friday adds to this view. This makes the high of the pattern at 1420 and low of the pattern at 1409 points beyond which further direction will be set. Moving past 1420 will continue the uptrend and a break below 1409 will start a bout of weakness.
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