FxWirePro: Buy S&P500 above 2853

S&P500 has halted its 2- week losing streak and declined more than 5% on account of renewed US-China trade tension. US imposed tariff on $200 bn Chinese goods from 10% to 25% and to counter this China also increased tariff of 5000 US products. It hits low of 2798 and is currently trading around 2843.50.

On the higher side, near term resistance is around 2853 (55- day EMA) and any violation above will take the index till 2898 (61.8% fib)/2954.

The near term support is at 2820 and break below will drag the index down till 2800/2773 (200- day MA).

It is good to buy above 2853 with SL around 2820 for the TP of 2950.