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FxWirePro:S&P500 consolidates in narrow range as markets eye earnings tsunami this week, good to buy on dips

S&P500 is trading in narrow range between 2676 and 2612 for past one week. Markets eye major earnings which is to be released today for further direction. In the week ahead out of 505 companies in S&P500 113 is set to announce results. The index hits intraday low of 2629.90 and is currently trading around 2645.60.

 

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 2625-30 with SL around 2600 for the TP of 2725/2740.

 

 

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