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Short

S&P 500 faces strong support around 1790,good to sell on rallies

FX:SPX500   S&P 500 index of US listed shares
279 0 11
Major support – 1789 (200 W MA)

Major resistance -1915 (7 W EMA)

The index has retreated till 1827 at the time of writing after making a high of 1890. Short term trend is weak as long as index closes below 1915.

Any close above 1915 will take the index to next level 1946/1963/1998.Overall trend reversal can happen if it closes above 2005 level.

The index major support is at 1789 and break below targets 1760/1725.

It is good to sell on rallies around 1875-80 with SL around 1915 for the TP of 1791/1735

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