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FxWirePro: S&P 500 Weekly outlook

  • Major resistance- 2167 (10- W MA).
     
  • Major support – 2060 (40- WMA).
     
  • S&P500 has shown a fast recovery after declining till 2141 yesterday. It is currently trading around 2160.10.
     
  • Short term resistance stands at 10- W MA and any break above confirms minor trend reversal, a jump till 2179.90/2193 is possible.
     
  • On the lower side, support is around 2135 (61.8% retracement of 2108 and 2179.90) and any break below targets 2108/2092 (50% retracement of 1989.80 and 2193.90).
     
  • Overall weakness only below 2060 (40- W MA).

It is good to buy on dips around 2145-2150 with SL around 2125 for the TP of 2180/2193

  • Market Data
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