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FxWirePro: Sell S&P500 on rallies

Major resistance- 3025 S&P500 is once again trading slightly lower after showing a minor jump above 3000. Previously it has formed a temporary top around 3022 and shown a dip till 2888 level. The index hits high of 3015.…

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FxWirePro: Sell S&P500 on rallies
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Major resistance- 3025

 

S&P500 is once again trading slightly lower after showing a minor jump above 3000. Previously it has formed a temporary top around 3022 and shown a dip till 2888 level.  The index hits high of 3015.40 and is currently trading around 2990.

 

Technically near-term support is around 2985 (200-H MA) and an hourly close below will drag the index down till 2975/2955.

 

The major resistance is around 3000 and the violation above will take the index to the next level till 3015/3025. Major bullish continuation only above 3025.

 

It is good to sell on rallies around 2997-98 with SL around 3015 for the TP of 2950.

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