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FxWirePro: S&P500 Daily Outlook

Short term trend  Slightly bullish

 

Major support - 2618  (89- W EMA) and 2640 (trend line support)

 

S&P500 is trading higher for third consecutive day and jumped more than 130 points from low of 2603. In the past one week index hits high of 2723 on 25th Oct ,2707 (Oct 29th 2018) and after a long consolidation index has broken 2723 and jumped till 2737. It is currently trading at 2718 (0.44% higher).

 

The index’s near term resistance is around 2745 and any break above targets 2763/2772/2821. Any break above 2821 confirms minor bullishness.

 

On the lower side, near term support is around 2680 and any break below targets 2640/2618/2600..

 

It is good to buy on dips around 2675-80 with SL around 2641 for the TP of 2821.

 

 

 

 

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