S&P500 is trading higher for the intraday after a huge decline in previous week The index has lost more than 100 points and made low of 2626. It is currently trading around 2660.9. The index dip was mainly led by energy due to huge selling in crude oil prices. It is currently trading around 2660.40.
On the higher side, near term intraday resistance is around 2673 (7- day MA) and any break above targets 2687 (10- day MA)/2700/2722. The index should break above 2761 (200- day MA) for further bullishness.
The near term support is around 2600 and any violation below targets 2551/2529 level
It is good to buy on dips around 2645-50 with SL around 2625 for the TP of 2747.
