S&P500 recovers slightly after hitting low of 2720. The index declined slightly after weak US jobs data. US economy has added 20000 jobs in month of Feb compared to forecast of 180K and unemployment rate is at 3.8% vs 3.7%. It has formed temporary top around 2820 on Mar 3rd 2019 and lost more than 3.4%.It hits intraday high of 2753.60 and is currently trading around 2753.
The index’s major support is around 2715 (300- 4H EMA) and any violation below confirms minor weakness and a dip till 2680 is possible. Any violation below 2680 confirms further weakness.
On the higher side, minor resistance is around 2767 (89- 4H EMA) and any break above will take the index to next level 2781 (61.8% fib)/2800/2820.It should break above 2820 for further bullishness.
It is good to sell on rallies around 2765-70 with SL around 2800 for the TP of 2680.
