Major Support- 2800
S&P500 is trading weak for past two days and lost more than 50 points on renewed trade tension. The index hits intraday low of 2783 and is currently trading around 2785.30. In the month S&P500 has lost more than 5.5% from high 254. It is currently trading around 2785.
On the higher side, major support is around 2780 and any violation below will drag the index down till 2745 (300- day EMA)/2720.
The near term resistance is around 2823 and any indicative break above will will take the S&P500 index till 2851/2890.
It is good to sell on rallies around 2805-10 with SL around 2840 for the TP of 2741/2725.
