S&P has been in a bull run for a long time and has been moving around our expected and analyzed as mentioned S&P 500 correcting itself and showing flat session for few sessions as it has been trading at upper Bollinger band limit.
It opened lower at 2089 and from there made low of 2085 and retraced itself making high of 2096 before it could settle at 2091 with just 3.91 points.S&P 500 has been in correction mode among weak economic condition and among FOMC meet to decide on course of rolling out monetary policy measures.
S&P 500 has an immediate resistance at 2100-2103.If this is breached positively one see resistance building at 2112.S&P has support at 2083-2077.Below this there can be heavy panic and S&P 500 may test its next support at 2062.
RSI of 63 indicate that buyers are waiting for consolidation to get over and aggressive buyers may enter S&P 500 if global scenario improves.
MACD of positive 0.55 indicate that there may be upside in S&P 500 for short term as it may again change to bullish.
More will update soon!!
