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Short

S&P500: 161.8% retracement and bearish divergence

FX:SPX500   S&P 500 index of US listed shares
265 0 4
Major resistance – 2165 (161.8% retracement of 2114 and 2025)

Pattern formed – CCI (50) bearish divergence

S&P500             has made a high of 2163.5 at the time of writing and is currently trading around 2162.5.

The index has declined till 2146 yesterday and slightly jumped from that level. S&P500             is in over bought zone a slight dip till 2145/2123 (4 hour Kijun-Sen).

On the higher side, any break above 2165 will take the index till 2180/2200.

It is good to sell on rallies around 2165-2168 with 2180 for the TP of 2145/2125.
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