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FxWirePro: S&P500 trades higher above 20-day MA, jump till 2630 possible

Monday, January 7, 2019 3:18 PM UTC

Major resistance - 2537 (20- day MA)

S&P500 trades higher for second consecutive day and jumped more than 100 points in two trading session. The index hits intraday high of 2551 and is currently trading around 2533.

Short term trend is bullish as long as support 2465 (10- day MA). Any break below 2465 confirms minor weakness and a dip till 2437/2397. Any further bearish continuation only below 2330.

On the higher side near term resistance is around 2561 (23.6% fib) and any break above targets 2610/2635 (55- day EMA).

It is good to buy on dips around 2510-15 with SL around 2465 for the TP of 2630.

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FxWirePro: S&P500 trades higher above 20-day MA, jump till 2630 possible

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