Sensex Multiple Supports

In the above chart of S&P 500 you can see that S&P500 took the support exactly at the green trendline, Red upper trendline & last but not least at 50 DMA indicated with green circle. Now you can see it is facing resistance at exact upper trendline. Now I have also pointed that it is in formation of Head & Shoulder which is bearish pattern but its not time to react on this unless it closes below green trendline. It may give false breakdown as it has given in past marked with blue trendline and names. So small bounce is expected on S&P 500.

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