FxWirePro: S&P500 faces strong support at 2140, good to buy on dips
Major Intraday resistance- 2168 (trend line joining 2179.90 and 2173.60). Major support – 2135 (61.8% retracement of 2108 and 2179.90). The index declined slightly after jumping till 2167.40 on Friday for the past two tr…
Major Intraday resistance- 2168 (trend line joining 2179.90 and 2173.60).
Major support – 2135 (61.8% retracement of 2108 and 2179.90).
The index declined slightly after jumping till 2167.40 on Friday for the past two trading session. It is currently trading around 2155.50.
On the lower side, the downside is capped by 61.8% retracement of 2108 and 2179.90 and any further downside till 2108 can happen only below 2135 level.
The jump from the low of 2108 has been stopped at 2179.90 and any break above will take the pair further up till 2193.90/2205 in the short term. The minor resistance is around 2166.
It is good to sell on rallies around 2162-2165 with SL around 2180 for the TP of 2142/2110.
