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FxWirePro: S&P500 Daily Outlook

Long term trend  Slightly bearish

 

Major support - 2618  (89- W EMA)

 

S&P500 declined slightly below 2618 (89 W EMA) and shown a good recovery. The index hits low of 2603 and jumped more than 60 points . The index has not closed below major trend line joining 1802 and 2032 . Any weekly close below confirms major trend reversal. It is trading at 2650 (0.38% higher).

 

The index’s near term resistance is around 55-W EMA at 2714-2721 (23.6% fib) and any break above targets 2745/2794. Any break above 2827 confirms minor bullishness.

 

On the lower side, near term support is around 2600 and any break below targets 2575/2551/2529.

 

It is good to sell on rallies around 2723-25 with SL around 2750 for the TP of 2605.

 

 

 

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