S&P 500 trapped in bearish pattern.

S&P 500 (USA) faced resistance at 1080 levels after a tremendous rally from 666 levels touched on 6th March 2009. The index is facing selling pressure at the upper trendline of a big upward sloping wedge pattern which is bearish in nature. It has taken support at 1040 which is the 20 dma and if it slips below this then the next support zone is 1000-1010.

Nifty at critical juncture!

Nifty is again at the upward sloping line which has held so far. Nifty index has earlier taken support at 4350. If Nifty slips below this line then 4350 is the next support area. It will also mean that the current trend is over.