Major support- 2765 (20-day MA)
S&P500 has formed a triple top around 2820 and declined more than 50 points yesterday on account of weak US construction spending. The downside is limited on report that US President Trump and Chinese PM could reach a formal deal on summit to be held around Mar 27th 2019. The index recovered till 2798.70 and is currently trading around 2793.
On the lower side, the index took support near 20-day MA around 2765 and any violation below targets 2749/2720/2703.Any break below 2686 confirms further bearishness.
The near term major resistance is at 2820 and any violation above targets 2860/2900/2935. The index should break above 2935 for further bullishness.
It is good to sell on rallies around 2800-05 with SL around 2821 for the TP of 2767/2749.
