FxWirePro: S&P500 forms 161.8% retracement and Bearish Divergence
Major resistance – 2326 (161.8% retracement of 2303.70 and 2266.70) Major support - 2265 Pattern formed – Bearish Divergence (RSI and MACD). S&P500 broken major trend line resistance 2315 and jumped till 2321 at the time…
Major resistance – 2326 (161.8% retracement of 2303.70 and 2266.70)
Major support - 2265
Pattern formed – Bearish Divergence (RSI and MACD).
S&P500 broken major trend line resistance 2315 and jumped till 2321 at the time of writing. It is currently trading around 2317.20.
The index major resistance is around 2326 and any violation confirms bullish continuation. Break above will take the index till 2339 (161.8% retracement of 2137 and 1810)/2350.
On the lower side, support is at 2295 (7 –day MA) and any break below will drag the index down till 2285 (21- day EMA)/2267 (Jan 31st low).
It is good to sell on rallies around 2318-2320 with SL around 2327 for the TP of 2296/2285
