S&P 500 looks to be in selling mode for short term and hence trading in range at current level of 2080 as analysed by us since it was already trading at upper Bollinger band limit and shown confirmation of it in previous session.
S&P 50 has resistance at 2091.If this level is breached one see resistance building at 2102 level. These level may be tested in upcoming session and any bull run may be hampered due to weak global cues and economic data.
Support is intact at 2065.Next support at 2052.This level may be tested if trend is aggressively reversed.2040 is crucial resistance.
MACD of negative 0.91 indicate that S&P 500 may see some panic at current level as previously mentioned by us as its trading at Bollinger band upper limit and has been responding to it for few session.
More will update soon!!
