^GSPC Technical Analysis

Today we'll analyze the Index ^GSPC for online market trading,
Technical indicators to notice:
1- Last bullish trend was from 1,276.60$ (03/17/08) to 1,372.54$ (04/07/08) a 95.94$ move
2- The current bearish trend started from 1,372.54$ at 04/07/08 and is currently trading at 1,364.71$.

3- The stock current support level is at 1,349.90 which is the 23.60% fibonacci retracement of the last 95.94$ move.
4- The stock current resistance level is at 1,372.54 which is the 0.00% fibonacci retracement of the last 95.94$ move.
5- According to ADX, the trend is currently bullish,which is becoming weaker.
Short term chart patterns :

6- The Index formed Double Bottom Pattern at 1276.6.
Mid term chart patterns :

7- The Index was resisted by a resistance line, identified by two points: 1395.42 and 1515.96 that was broken up at 1330.74 transforming into a supporting line.
Long term chart patterns :

8- The Index was supported by a support line, identified by two points: 1406.7 and 800.73 that was broken down at 1447.16 transforming into a resistance line.

Conclusion:
^GSPC was trading in a bullish wave, which is becoming weaker .
Technical indicators and chart patterns show bullish direction,
recommend stopping short positions or entering long position or bullish spread options strategy .

Resistance Levels: 1,366.56, 1,367.70, 1,368.63, 1,369.55, 1,372.54, 1,409.17, 1,459.82, 1,463.92, 1,497.92.
Support Levels: 1,361.27, 1,356.56, 1,355.43, 1,349.90, 1,335.89, 1,324.57, 1,313.25, 1,290.17, 1,283.71, 1,277.25, 1,276.60, 1,254.78, 1,250.50, 1,234.22, 1,232.85, 1,231.48, 1,230.12, 1,224.66, 1,218.23, 1,217.31, 1,178.44, 1,141.31, 1,141.03, 1,140.76, 1,140.48, 1,115.77, 1,085.11, 1,084.24, 1,083.38, 1,082.54, 1,082.51, 1,081.64, 996.38, 899.20, 897.86, 896.52, 895.18, 875.33, 875.08, 848.18, 737.65, 720.98, 630.88, 629.87, 628.86, 627.85, 626.84, 625.83, 624.83, 469.99, 469.44, 468.90, 468.35, 467.80, 467.25, 466.71, 466.16, 465.61, 465.06, 464.52, 463.97, 463.42, 462.87, 462.32, 461.78, 461.23, 460.68, 460.13, 459.59, 459.04, 458.49, 441.81, 441.45, 441.10, 440.74, 440.39, 440.03, 439.67, 439.32, 438.96, 438.60, 438.25, 437.89, 437.53, 437.18, 436.82, 436.46, 436.11, 435.75, 435.39, 435.04, 434.68, 434.32, 433.97, 433.61, 425.87, 425.81, 425.75, 425.69, 425.62, 397.94, 377.00, 376.91, 376.82, 374.96, 374.52, 374.08, 373.64, 373.20, 372.76, 372.32, 371.88, 371.45, 332.09, 331.44, 330.79, 330.14, 329.49, 327.11, 326.42, 325.73, 325.04, 324.36, 314.25, 313.92, 313.60, 299.29, 299.21, 299.14, 299.07, 298.99, 256.16, 256.13, 243.23,.