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FxWirePro: S&P500 Daily Outlook

Major support- 2520 (20- day MA)

 

S&P500 halted its bullishness after four days jump.The index jumped more than 150 points and hits high of 2596 level. The slight decline was mainly due to dovish Fed and slight slowness in US and China trade talks .The index hits intraday low of 2560 and is currently trading around 2567.

 

Short term trend is bullish as long as support 2520 (20- day MA). Any break below 2520 confirms minor weakness and a dip till 2465/2437/2397. Any further bearish continuation only below 2330.

 

On the higher side near term resistance is around 2609 (38.2% fib) and any break above targets 2630 (55- day EMA).

 

It is good to buy on dips around 2550-55 with SL around 2520 for the TP of 2630.

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