Short term trend - Slightly bullish
Major support - 2618 (89- W EMA)
S&P500 declined sharply till 2627 and shown a good recovery . The index has taken support near trend line support and 89 W EMA . The trend is slightly bullish as long as long term trend line joining 1802 and 2032 holds. Any weekly close below confirms major trend reversal. It is trading at 2693 (0.88% 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 2645 and any break below targets 2618. Any break below 2618 confirms bearish continuation dip till 2550 likely..
It is good to buy on dips around 2645-50 with SL around 2618 for the TP of 2721/2745.
