S&P 500
S&P 500 has been trading on
expected terms near upper Bollinger band limit and in moving on expected terms
and has been in consolidation mode for some time after a strong positive upside
move. S&P 500 has been in habit of moving at our mentioned level and it did
so by opening at 2093 and making low of 2085 before some small pullback enabled
S&P 500 to make high of 2100 before closing at 2099 adding 2.37 points to
index or 0.11% increase.
S&P 500 has resistance intact at 2103.If this level is positively
breached then one see next resistance around 2110—2125.
S&P 500 has support building
around 2083—2085.If this level is breached negatively and not sustained then
one see support building around 2077—2075.
RSI off 61 also indicate that
S&P 500 in consolidation phase and may continue this trend for short term
as investors are trading with hawkishness among pending global events.
MACD of positive 8.24 also indicate
that overall trend is still fine and may improve if current global and economic
scenario improves.
More will update Soon!!
