S&P500 breaks major resistance at 1947, targets 1990/2020
Major resistance – 1947 (Feb 1st high)
Major support – 1920
The index has broken major resistance 1947 and jumped till 1955.90. It is currently trading around 1954.40.
Short term trend is slightly bullish as long as support 1920 holds.
On the higher side any break above 1947 will take the index to next level 1992/2023.
Any break below 1920 will drag the index till 1900/1890.the minor support is around 1940.
Short term bearish invalidation only below 1890.
It is good to buy at dips around 1950 with SL around 1920 for the TP of 1992/2020
Major support – 1920
The index has broken major resistance 1947 and jumped till 1955.90. It is currently trading around 1954.40.
Short term trend is slightly bullish as long as support 1920 holds.
On the higher side any break above 1947 will take the index to next level 1992/2023.
Any break below 1920 will drag the index till 1900/1890.the minor support is around 1940.
Short term bearish invalidation only below 1890.
It is good to buy at dips around 1950 with SL around 1920 for the TP of 1992/2020