• Harmonic pattern – Bearish Gartley pattern
   
• Potential reversal zone (PRZ) – 2400
   
• S&P 500 has formed a temporary bottom around 2350 and jumped sharply from that level. It is currently trading around 2388.
   
• The index has formed Bearish Gartley pattern and potential reversal zone at 2402. Any further bullish continuation can happen only above 2402 level.
   
• On the higher side , any break above 2400 will take the index till 2429 (161.8% retracement of 2401.70 and 2354).
   
• The near term support is around 2380 and any break below will drag the index till 2370.5 (61.8% retracement of 2357.60 and 2391.40)/2360/2350. Minor weakness can be seen below 2350.
  
  It is good to sell on rallies around 2390 with SL around 2401 for the TP of 2355