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Short

S&P 500: Sell below break out

FX:SPX500   S&P 500 index of US listed shares
423 0 9
Major resistance -2010 (Mar 4th high)

Major support – 1980

The index is consolidating between 2009 and 1980 for the past five trading session. It is currently trading around 1989.

Short term trend is bearish as long as resistance 2010 holds.

The index minor resistance is around 1996 (61.8% retracement 2009 and 1977) and any break above targets 2009/2025/2041 in short term.

On the lower side major support is around 1980 and break below targets 1950/1929.

It is good to sell below 1980 with SL around 1996 for the TP of 1952/1929
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