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 seems to have entered in correction or profit booking mode
as it has been in Bull Run for many session and now it seems to be changing its
trend.S&P 500 traded on expected note as consolidation seems to be the
theme of the day as S&P 500 opened positively at 2096 and made low of 2089
before settling at the same and shredded just 7.75 points or decrease of 0.37%
to the index.
S&P 500 has crucial immediate
resistance 2099--2103. If this level is positively sustained and breached then
one see next Resistance at 2118--2125.
S&P 500 Support is also
intact at 2077--2070 .If this is breached negatively and not sustained then one
see next support building around 2062--2055.
RSI of 52 and increasing also
indicate that short term trend is towards is improving as markets seems to have
factored in all the negative news and S&P 500 may enter consolidation.
MACD of negative 1.44 also
suggest that S&P 500 may be in consolidation phase and may continue to do
so for short term.
More Will Update Soon!!
