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FxWirePro: S&P500 Long-term Outlook

FX:SPX500   S&P 500 index of US listed shares
300 0 7
The S&P500             has broken a major support of 2050 and declined till 2007 at the time of writing. It is currently trading around 2046.

The index has declined more than 100 points after the U.K. voted to leave the EU. The Brexit vote would derail UK economy and add uncertainty to other markets. The U.K voted 52% for Bremain and 48% to leave EU. The market followed the news of Brexit with safe-haven assets up and risky ones down.

The index’s major resistance is around 2057 (90 day EMA ) and break above targets 2072/2095 (21 day MA). The index should close above 2140 for further bullishness.

On the lower major support is around 2000 (90 W MA) and any break below will drag the index down till 1928/1850.

It is good to sell on rallies around 2045-2050 with SL around 2100 for the TP of 2000/1928/1850

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