S&P500 is trading weak after a minor jump of 40 points from the low 2719. The index has broken the yesterday’s low and declined till 2711 at the time of writing. S&P500 has formed temporary bottom at 2603 and shown a more than 8% till 2818. It is currently trading around 2712.
On the higher side, near term major resistance is around 2763 (200 day MA) and any close above confirms minor bullishness. Any break above 2763 targets 2795/2820. The index should break above 2820 for further bullishness.
The near term support is around 2700 and any break below targets 2684/2645/2600. The index should break below 2600 for bearish continuation.
It is good to sell on rallies around 2745-50 with SL around 2770 for the TP of 2685.
