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 trading positively since a
positive employment data triggered upside move and as it has been trading near
upper bollinger band limit we saw a healthy correction on expected note as profit
booking made S&P 500 trade flat and hence we saw it open at 2153 and then
it made a high of 2156 before making a low of 2146 and finally closing the session
flat session at 2152 and showed almost no change to the index indication that
profit booking could dominate few session as S&P 500 has been bullish for
some time.
S&P 500 has crucial immediate
resistance 2175--2200. If this level is positively sustained and breached then
one see next Resistance at 2235--2245
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 63 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 profit booking mode.
MACD of positive 15.78 also
suggest that S&P 500 may short term trend is improving and healthy profit
booking..
More will Update Soon!!
