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 2168
and from there made high of 2169 and then made low of 2164 before finally closing the flat session
at 2167 with gain of just 2
points to the index. S&P 500 seems to be consolidation mode after a and
may form support at the current levels as S&P 500 is trading near lower Bollinger
band limit and we may see some pullback if support of 2165 is sustained.
S&P 500 seems to have entered into consolidation mode and may continue to
trade flat 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
50.and decreasing also suggest that S&P 500 may continue to trade sideways
and we may not expect investors enter long aggressively until a strong support
is made.
MACD of
positive 6.11 and decreasing also suggest that a hawkish environment may continue
for short term as S&P 500 trading at lower support.
