S&P 500
S&P 500 has been in habit of
following our mentioned levels and it has been doing it for some time and
traded at our mentioned levels. S&P 500 has been in a bull rally and traded
in last session on expected note as it opened positively at 2158 and from there
made low of 2155 and then made high 2162 before finally closing the flat
session at 2160 with gain of just 1 points or increase of 0.25 % to the index.
S&P 500 seems to be in upward trend and trading at recent high after the
strong rally. S&P 500 current trend seems to be forming support by giving
consecutive closes around these level.
S&P 500 has crucial immediate resistance
2175--2200. If this level is positively sustained and breached then one see next
Resistance at 2230—2250.
S&P 500 Support is also
intact at 2140--2120.If this is breached negatively and not sustained then one
see next support building around 2109--2103.
RSI of 66 and increasing also
indicate that short term trend is towards is improving as markets seems to have
factored in all the negative news and looking positive for short term as it
seems to be forming support.
MACD of positive 22 also suggest
that S&P 500 may short term trend is improving and if trend continues then
we may see strong upside move if near resistance are positively breached and
sustained.
More Will Update Soon!!
