Major tend line support - 2745
The index has lost almost 200 points from the high of 2942. The pair hits low of 2745 and shown a minor jump. It is currently trading around 2770.
On the lower side major support is around 2745 and any break below targets 2700 (61.8% fib)/2674.
The near term major resistance is around 2766 (200- day MA) and any close above will take the index to next level till 2794 (23.6% fib)/2840 (89- day EMA).
It is good to buy on dips around 2745 with SL around 2720 for the TP of 2794/2840.
The index has lost almost 200 points from the high of 2942. The pair hits low of 2745 and shown a minor jump. It is currently trading around 2770.
On the lower side major support is around 2745 and any break below targets 2700 (61.8% fib)/2674.
The near term major resistance is around 2766 (200- day MA) and any close above will take the index to next level till 2794 (23.6% fib)/2840 (89- day EMA).
It is good to buy on dips around 2745 with SL around 2720 for the TP of 2794/2840.
Comment:
As per our analysis S&P500 has taken support near 200- day MA and trading higher. Any close above 2770 confirms minor bullishness, a jump till 2794 is possible.