S&P500 futures has lost nearly 0.50% from the high of 2673 after slight weaker than expected Caterpillar earnings.Markets eye US Fed meeting on Wednesday for further direction. US Fed is expected to keep rates on hold and direction of the balance sheet which will have major impact on stock prices.The index has jumped more than 14% from low of 2334.It is currently trading around 2651.50.
Short term trend is bullish as long as support 2600 holds. Any break below 2600 confirms minor weakness and a dip till 2550/2530 likely. Any daily close below targets 2465/2437/2397. Any further bearish continuation only below 2330.
On the higher side near term resistance is around 2676 (300-day EMA) and any break above targets 2725/2742 (200- day MA).
It is good to buy on dips around 2635-40 with SL around 2600 for the TP of 2725/2740.
