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 and traded on expected note as
S&P 500 opened positively at 2185 and from thee made high of 2186 and low
of 2181 before finally closing the flat session at 2182 with loss of 4 points
or decrease of 0.17% 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 64
and increasing 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 14.77 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.
