SP500 before big rise?

For now SP500 is stuck below important resistance at 1300 point. Is SP500 before big rise? We can answer this question only after 1300 is borken. Situation does not look tragic for now. Lets check first 4hour chart:



Simply looking at rainbow chart we can see an uptrend. For now it is fighting with resistance. Correction at this place is possible. Things will get ugly when SP500 is back below 200 MA (that is below 1245 points).

Below you can see daily chart of SP500 where resistance is clear and easy to spot:



Capital preservation is most important right now. Keep your stop losses tihgt, but remember that rises are possible.