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
profit booking mode for the recent highs
which S&P 500 made in previous bull run on account of good Job payroll data
and hence we saw investors skim profit at high as we saw S&P 500
opened positively at 2171 and then made high of 2179 before making low of 2170 before finally closing
the flat session at 2173 with almost no change to the index.
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
and decreasing suggest that that short term trend is towards is consolidation
as markets seems to have factored in all the negative news and looking positive
for short term as it seems to be forming a strong support and may be entering
in consolidation phase after making recent highs.
MACD of
positive 15 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!!
