S&P500 has declined more than 3.5% after a minor jump till 2687 on Dec 12th 2018. The decline was due to slightly weak economic data and declining US 10 year yield. The US 10 year yield was at 3.25% and has lost 8% from the high and US 2 year and 5 year yield got inverted. The index has formed temporary bottom around 2588 and any break below confirms further weakness.It is currently trading around 2600.70.
The near term resistance is around 2620 and any break above targets 2641/2686/2720. The index should break 2760 (200- day MA) for further bullishness.
On the lower side, near term support is around 2580 and any break below targets 2559/2537.
It is good to sell on rallies around 2640-45 with SL around 2685 for the TP of 2583/2550.
