SnP500
As mentioned in the last post about SnP 500 it went above its resistance of 1110 and touched the resistance cluster of 1130-1140 and then turned back down till 1070, this retreat from 1130 is significant as it also represented 50% retracement from 1220 to 1040.
Now going forward it is extremely crucial for SnP to hold onto the 1070-1040 area a failure to do so will result in a significant correction, good thing for bulls is that the volumes on SnP near the support area have been good which indicates that the index might just survive this bear onslaught and remain range bound between 1040-1130.
The two levels to watch out for are 1040 on downside and 1130-1140 on upside, a break of either will trigger fresh move in respective direction.
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