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FxWirePro: S&P500 trades sharply above 200-day MA; major resistance around 2820, good to buy on dips

Major resistance- 2820

 

S&P500 has shown a massive recovery of more than 80 points in past two trading session. The jump was mainly due to US-China trade deal happened at G20 summit. The index has broken major resistance of 2761 (200- day MA) and jumped till 2813 at the time of writing. It is currently trading around 2811.

 

The near term resistance is around 2820 and any break above targets 2845/2870 (78.6% fib)/2900. The index should break 2940 for further bullishness.

 

On the lower side, near term support is around 2761 (200- day MA) and any break below targets 2740/2718 (20- day MA).

 

It is good to buy on dips around 2765-70 with SL around 2740 for the TP of 2845.

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