The S&P formed a negative day reversal after the strong closing on Friday. Only a daily closing tonight below 1243,70 will confirm lower levels!! The S&P is now again the 200 days line, s/t resistance at 1261,57!!
The indicators of the daily chart are still in positive territory but those of the s/t ones are below the line supporting further consolidation /correction. Only an hourly closing below 1243,70 will support lower levels supporting a 1240 undershooting.
An hourly closing above 1253,60 will resume the move up suggesting a 1260 overshooting.
We believe the decline we are seeing in the S&P is corrective and a buying opportunity!
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http://www.easyforexnews.net/wp-content/uploads/2011/11/SP500-11.15.pdf
FUTURE TREND RESEARCH