TipTVFinance

S&P 500 – Gap up opening, but stuck at trend line

TVC:SPX   S&P 500
The index has opened higher at 2148.5 levels, but at the time of writing, was stuck at rising trend line – drawn from Feb low and June low. The trend line resistance is seen at 2152.

Only a daily close above the trend line level would signal bearish invalidation. However, fresh buying interest seen only above 50-DMA, which now is sloping downwards.

On the lower side, key support is seen at 2120-2110 levels, which could be put to test over next few days in case the index fails to breach the rising trend line resistance.
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