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 2152
and from there made high of 2153 and
then made low of 2145 before finally closing the flat session at 2146
with loss of just 7 points to the index. S&P 500
seems to be consolidation mode after a strong upward rally and trading at
recent high before entering sideways movement. 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 53
and decreasing also indicate 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 support and may be entering in
consolidation phase after making recent highs.
MACD of
positive 21 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.
