S&P500 has shown a massive recovery after a long consolidation. The index jumped more than 80 points yesterday after better than expected corporate earnings. It is continuing its yesterday bullish trend and is trading at 2820 (0.26% higher).
The index is well above 200- day MA at 2767 and 23.6% fib 2794. So jump till 2846/2855 (55- day EMA) is possible.
On the lower side, major support is around 2765 (200- day MA) and any break below targets 2745/2700. Any break below 2700 confirms further bearish continuation.
It is good to buy on dips around 2765-70 with SL around 2740 for the TP of 2845/2855.
