Short term trend Slightly bullish
Major resistance 2820
S&P500 has shown a huge jump of more than 2.5% from yesterday’s low and recovered more than 8% from low of 2603. The index has closed well above 200- day MA and this confirms minor bullishness and any break above 2821 confirms bullish continuation. It is currently trading at 2812 (0.14% lower).
The index’s near term resistance is around 2820 and any break above targets 2850/2900. Any break above 2821 confirms minor bullishness.
On the lower side, near term support is around 2761 (200- day MA) and any break below targets 2735/2700.
It is good to buy on dips around 2785-90 with SL around 2758 for the TP of 2845.
