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S&P500 has jumped 7.9% in the month of Jan best month since 1989. The index jump was mainly due to better corporate earnings and dovish Fed.US Fed was more dovish and pledges ‘patience’ stance for further moves . Out of 210 S&P500 companies that has reported results in that 79 posted better than expected earnings.The index hits high of 2713 and is currently trading around 2699.
Short term trend is bullish as long as support 2630 holds. Any break below 2630 confirms minor weakness and a dip till 2590/2550/2530 likely. Any daily close below 2500 targets 2465/2437/2397. Any further bearish continuation only below 2330.
On the higher side near term resistance is around 2720 and any break above targets 2740 (200- day MA)/2800.
It is good to buy on dips around 2660-65 with SL around 2630 for the TP of 2740.
