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FxWirePro: S&P500 Daily Outlook

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.

 

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