S&P500 has recovered more than 1% after a minor 3 days of selling. The index was closed higher for 5th consecutive week on account of US -China trade optimism. Wall Stret surges on upbeat earnings and US senate is finding ways to end 35th day of government shutdown.The index has jumped more than 14% from low of 2334.It is currently trading around 2668.
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 2635-40 with SL around 2600 for the TP of 2725/2740.
