Short term trend Slightly bearish
Chart pattern- Double top
Major resistance 2821
S&P500 has shown a huge jump minor decline of 30 points from high of 2818.The index jumped more than 8% from low of 2603. The index has declined on account of hawkish Fed policy. Any break above 2821 confirms bullish continuation. It is currently trading at 2793.80 (0.40% lower).
The index’s near term resistance is around 2820 and any break above targets 2850/2900. Any break above 2821 confirms minor bullishness.
On the lower side, near term support is around 2761 (200- day MA) and any break below targets 2735/2700.
It is good to sell on rallies around 2800-2805 with SL around 2822 for the TP of 2745.
