Major support - 2700
The index was trading highly volatile yesterday. S&P500 has shown a sharp correction after a jump till 2794. It has lost more than 80 points from the high. It hits low of 2708 and recovered sharply till 2781.It is currently trading around 2770.
On the lower side major support is around 2700 (61.8% fib) and any break below targets 2674/2645/2600.
The near term major resistance is around 2766 (200- day MA) and any close above will take the index to next level till 2794 (23.6% fib)/2838 (89- day EMA).
It is good to buy on dips around 2725-30 with SL around 2700 for the TP of 2794/2840 .
