FxWirePro: S&P500 upside capped by 161.8% fibo, good to sell on rallies
Potential Reversal Zone (PRZ) – 2483 (161.8% retracement of 2454 and 2406). Bearish divergence (RSI and MACD daily Chart). S&P500 formed a temporary top around 2480 and started to show a minor decline from that level. It…
Potential Reversal Zone (PRZ) – 2483 (161.8% retracement of 2454 and 2406).
Bearish divergence (RSI and MACD daily Chart).
S&P500 formed a temporary top around 2480 and started to show a minor decline from that level. It is currently trading around 2467.
The index is facing minor support at 2453 (21- day EMA) and any break below will drag the index down till 2434 (61.8% retracement of 2406 and 2480)/2406 (Jul 6th 2017). Short term bullish invalidation below 2400.
On the higher side near term resistance is around 2483 (161.8% fibo) and any break above will take the index till 2500 in the short term.
It is good to sell on rallies around 2470-2472 with SL around 2483 for the TP of 2450/2433.
