As expected and analysed by us S&P 500 took correction at our previously mentioned level as it was trading near its upper Bollinger Band limit and so it did among global economic scenario.
It opened lower at 2102 and from there tried to show some pullback but from there made low of 2088 before settling at 2091 shedding 11 points to the index i.e 0.52% change to S&P 500.
It has near resistance at 2115.Above this next resistance is around 2131 which is unlikely to be touched as we may see a period of consolidation in short term.
Support at 2090-2084.Below this stock may test 2075 if current trend continues.
MACD of 0.55 also indicate that trend may change for short term from bullish to consolidation.
More will update soon!!
