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Short

S&P500 breaks major support 2050, targets 2023/2000

FX:SPX500   S&P 500 index of US listed shares
220 0 4
Major support - 2050

Major Intraday resistance - 2070

Short term trend reversal Level- 2085

The index has broken major support 2050 and declined till 2046.6 at the time of writing. It is currently trading around 2047.

Any break below 2050 will drag the index down till 2023/2015/2006

Minor trend is weak as long as resistance 2070 holds. Any indicative break above 2070 will take the index till 2080 (200 HMA )/2085.

It is good to sell on rallies around 2053-55 with SL around 2070 for the TP of 2023/2008
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