Short term trend Slightly bullish
Major support - 2618 (89- W EMA) and 2640 (trend line support)
S&P500 has shown a good recovery of more than 100 points from low of 2603. In the past one week index hits high of 2723 on 25th Oct ,2707 (Oct 29th 2018) and currently 2700 at the time of writing. Any bullishness can be confirmed only above 2720 level. It is currently trading at 2698 (0.35% higher).
The index’s near term resistance is around 2720 (10- day MA) and any break above targets 2770-76/. Any break above 2827 confirms minor bullishness.
On the lower side, near term support is around 2600 and any break below targets 2575/2551/2529.
It is good to buy above 2720 with SL around 2690 for the TP of 2821.
