FxWirePro: S&P500 Daily outlook
Major support- 3800
S&P500 has formed double bottom around 3850 and shown a minor pullback. The index regained above 4000 on upbeat market sentiment. Aggressive tightening measures by Fed put pressure on the index at higher levels. The index hits a low of 4062 and is currently trading around 4124.
US retail sales rose by 0.9% in Apr compared to 1%. Core sales jumped 0.6% vs. the Estimate of 0.4%. The US 10-year yield climbs above 2.90% after hawkish comments by fed Powell.
Technically, near-term resistance is at 4135 and any indicative break above targets 4205/4308.
On the flip side, significant support stands at 4000 and violation below confirms major weakness, a dip till 3850 (Mar 25th low)/3722/3600 likely.
It is good to buy on dips around 4000 with SL around 3850 for the TP of 4305.