S&P 500
S&P 500 has been in habit of following our mentioned and
analysed level and it did so again as S&P500 looked to enter consolidation
phase or profit booking mode for the previous bull run and it did so again by
opening positively at 2084 and from there made low of 2074 before retracing
itself to make a high of 2100 before finally closing a positive range bound
session at 2099 with gain of 12 points or increase of 0.54% to the index. S&P
500 seems to be improving its trend as all global negative news seems to be
absorbed and investors are looking for attractive llong term attractive buy
level.
S&P 500 has crucial immediate
resistance 2119--2125. If this level is positively sustained and breached then
one see next Resistance at 2135--2040.
S&P 500 Support is also
intact at 2088--2080.If this is breached negatively and not sustained then one
see next support building around 2072--2065.
RSI of 54 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 positive 1.39 also
suggest that S&P 500 may be in consolidation phase and may continue to do
so for short term.
More Will Update Soon!!
