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Monday, August 22, 2016

Update On S&P 500, 22nd August 2016




&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 profit booking mode  for the recent highs which S&P 500 made in previous bull run and traded on expected note as S&P 500 seems to have entered in consolidation mode and opened  flat again at 2181 and from thee made high of 2184  and  as profit booking triggered it made low of 2175 again  before finally closing the flat session at 2183  with little change to the index closing.


 S&P 500 has crucial immediate resistance intact 3000--3010. If this level is positively sustained and breached then one see next Resistance at 3030--3040.

S&P 500 Support is also intact at 2175--2170.If this is breached negatively and not sustained then one see next support building around 2160--2140.

RSI of 62.52  and improving  suggest that short term trend is towards is consolidation and we may see investors maintain an hawkish approach or stock specific approach as S&P 500

MACD of positive 12.26 and decreasing   also suggest that S&P 500 may enter consolidation phase and for short term we may see some hawkishness as Investors would like to skim profit before Inflation data which could create further panic on downside if mentioned supports are not positively sustained.




More Will Update Soon!!