S&P500was closed higher for 4th consecutive week on account of US -China trade optimism. and China. US-China see trade progress but Trump is still negotiating for better deal. The index has jumped more than 14% from low of 2334.It is currently trading around 2659.60.
Short term trend is bullish as long as support 2600 holds. Any break below 2600 confirms minor weakness and a dip till 2550/2530 likely. Any daily close below targets 2465/2437/2397. Any further bearish continuation only below 2330.
On the higher side near term resistance is around 2676 (300-day EMA) and any break above targets 2725/2742 (200- day MA).
It is good to buy on dips around 2620-25 with SL around 2590 for the TP of 2725/2740.
