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Short

S&P 500 Short term Outlook

INDEX:INX   S&P 500 Index
185 0 2
S&P             has broken 2065 (resistance turned into support) and is currently trading 2044. The S&P 500             major support is around 2038 ( trend line joining 1820 and 1980 and also 100 day MA) and any break below will take the index further down till 2015/2000 in short term.

The minor resistance is around 2061-64(55 day EMA and also 23.6% retracement of 2119 and 2044) and any break above could pave the way for next target around 2076/2090.

Indicators ( Daily chart )

CCI (50) – Sell

CCI (14) – Sell

Ichimoku- Sell

Recommendation: Sell S&P500             around 2050, SL 2065, Targets 2015/2001.
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