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FxWirePro- Woodies pivot (Major) 
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- Pattern - Channel pattern
- S&P500 was trading in narrow channel for the past Seven trading session between 2070 and 2100 level.
- It has broken major resistance 2100 and closed around 2101 yesterday. Short term trend is still bullish as long as support 2080 holds.
- The ISM manufacturing index data released yesterday was very much weaker than expected. But the weaker ISM data won't dissuade Federal policy makers from raising interest rates.
- Market awaits Fed chairman Yellen speech, ECB monetary policy and US Nonfarm payroll data this week for further direction.
- Technically the index is facing strong resistance around 2108 and break above will take the index till 2115/2120 level.
- On the downside major intraday support is around 2090 and break below targets 2080/2070.
It is good to buy at dips around 2090 with SL around 2078 for the TP of 2108/2120
