Long term trend Slightly bearish
Major support - 2618 (89- W EMA)
S&P500 declined slightly below 2618 (89 W EMA) and shown a good recovery. The index hits low of 2603 and jumped more than 60 points . The index has not closed below major trend line joining 1802 and 2032 . Any weekly close below confirms major trend reversal. It is trading at 2650 (0.38% higher).
The index’s near term resistance is around 55-W EMA at 2714-2721 (23.6% fib) and any break above targets 2745/2794. Any break above 2827 confirms minor bullishness.
On the lower side, near term support is around 2600 and any break below targets 2575/2551/2529.
It is good to sell on rallies around 2723-25 with SL around 2750 for the TP of 2605.
