S&P500 hit the 1300 resistance and we got the pull back that I was looking for. I think we are going to get the minimum of 3-5% correction in near future. We did not violate the yellow channel yet, therefore bulls have the upper hands. I would like to see what big institutions are going to do when S&P500 reaches the lower side the yellow channel. If S&P500 tanks below 1247 picture will become ugly.
In the short term time frame S&P500 is oversold therefore I'm looking for a slightly up move to 1283-1290 before we head lower. I think 1283-1290 would be a reasonable level for bears who missed the move to jump on the bandwagon. Please note if S&P500 gets above 1290 it could rally to 1313, if it stays above 1290 for a couple days you have no business to stay short.
Supports
S1:1260
S2:1247
S3:1228-1220 (Major)
Resistances:
R1:1280-1283
R2:1290
R3:1300-1313 (Major)
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