S&P500 has halted its 2- week losing streak and jumped more than 3% on strong earnings and upbeat US economic data. US initial jobless claims has fallen to 212K compared to forecast of 220K. US housing starts rose 5.7% to 1.235 million units and building permits increased by 0.6% to a rate of 1.296 million. US heavy weights Walmart and Cisco system has posted better than expected quarterly results. It hits intraday high of 2891 and is currently trading around 2873.
On the higher side, near term resistance is around 2900 and any violation above will take the index till 2954/3000.
The near term support is at 2850 and break below will drag the index down till 2820/2800/2773 (200- day MA).
It is good to buy on dips around 2850-55 with SL around 2820 for the TP of 2950.
