S&P 500
S&P 500 has been in habit of
following our mentioned and analysed technical levels and it has been doing it
for long time and traded with extreme weakness and cracked on the intraday as
it opened weak at 2109 and from there made a low of 2089 before finally closing
at 2096 shredding 19 points or 0.92% decrease to the index. S&P 500 was
weak on account of heavy correction or profit booking as investors were hesitant
to carry their position over the week and took profit on account of previous
strong bull rally.
S&P 500 has crucial
resistance 2100--2103. If this level is
positively sustained and breached then one see next Resistance at 2120—2125.
S&P 500 Support is also
intact at 2090--2088.If this is breached negatively and not sustained then one
see next support building around 2078--2075 level.
RSI of 54 indicate that short
term trend is weak and correction may the theme for S&P 500 as investors
are booking profit among uncertain economical and global scenario.
MACD of positive 12.59 also
indicate that short term trend is towards correction and profit booking.
More will update Soon!!
