Major Intraday support- 2520 (20- day MA)
S&P500 trades higher for 4th consecutive day and jumped more than 150 points in four trading session. The index hits intraday high of 2586 and is currently trading around 2580.8
Short term trend is bullish as long as support 2520 (20- day MA). Any break below 2520 confirms minor weakness and a dip till 2465/2437/2397. Any further bearish continuation only below 2330.
On the higher side near term resistance is around 2609 (38.2% fib) and any break above targets 2630 (55- day EMA).
It is good to buy on dips around 2550-55 with SL around 2520 for the TP of 2630.
