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. S&P
500 has been in downward trend and is expected to continue its trend for short
term among negative global news like FOMC meet and BREXIT voting ahead which
created panic globally and we saw this in S&P 500 as it opened weak at 2077
and from there made a low of 2069 before finally closing at 2071 shredding 3.82
points or 0.18% decrease to the index. S&P 500 was weak on account of heavy
correction or profit booking as investors were hesitant looking at impending
global events which are creating panic in S&P 500.
S&P 500 has crucial immediate
resistance 2075--2078. If this level is positively sustained and breached then
one see next Resistance at 2085--2090.
S&P 500 Support is also
intact at 2066—2060 .If this is breached negatively and not sustained then one
see next support building around 2050--2045 level.
RSI of 44 and decreasing also
indicate that short term trend is weak and correction may the theme for S&P
500 as investors are booking profit among uncertain economic and global
scenario.
MACD of positive 5.35 and
decreasing also indicate that short
term trend is towards correction and profit booking.
More Will Update Soon!!
