S&P 500 traded on expected lines as it settled on a flat note with minimum change of 0.01% to index and as analyzed was down in few previous session as it was trading and respecting its upper Bollinger band limits and hence settled at 2091 which was our previously mentioned immediate resistance .
S&P 500 has immediate resistance at 2102.If this is breached and sustained one see next resistance at 2111.
This is unlikely as S&P 500 trading at upper Bollinger band limit and will give some short term correction if current trend of consolidation continues.
Support intact at 2080.Below this Support is building around 2077-2071.
RSI of 63 indicate that buyers may jump into S&P 500 mildly and may continue to consolidate as current global and economic scenario demands so.
MACD of -0.12 confirms that correction is eminent for short term as trend may cease to reverse.
More will update soon!!
