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 2158
and from there made high of 2161 and then made low of 2156 before
finally closing the flat session at 2157 and traded almost flat
throughout the day. 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 58
and increasing 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 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!!
