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Wednesday, August 3, 2016

Update On S&P 500,3rd August 2016





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.




More Will Update Soon!!