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Long

S&P 500 closes above major resistance 2100, good to buy at dips

FX:SPX500   S&P 500 index of US listed shares
365 1 6
Pattern – Channel pattern

S&P500             was trading in narrow channel for the past Seven trading session between 2070 and 2100 level.

It has broken major resistance 2100 and closed around 2101 yesterday. Short term trend is still bullish as long as support 2080 holds.

The ISM manufacturing index data released yesterday was very much weaker than expected. But the weaker ISM data won’t dissuade Federal policy makers from raising interest rates.

Market awaits Fed chairman Yellen speech, ECB monetary policy and US Nonfarm payroll data this week for further direction.

Technically the index is facing strong resistance around 2108 and break above will take the index till 2115/2120 level.

On the downside major intraday support is around 2090 and break below targets 2080/2070.

It is good to buy at dips around 2090 with SL around 2078 for the TP of 2108/2120
Bye bye 2080.
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