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 consolidation mode
and traded in last session on expected note as it opened at 2169 and from there made high of 2175 and then made low of 2159 before finally closing the flat session at 2166
with loss of just 3 points or decrease
of 0.12 % 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
seems to have entered into consolidation mode and may continue to do so for
short term.
S&P 500 has crucial immediate resistance intact
2195--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 2160--2155.If this is breached negatively and not sustained then one
see next support building around 2150--2140.
RSI of 62 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 and may be entering in consolidation phase after
making recent highs.
MACD of positive 24 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!!
