Chart pattern- Double top (2900 level)
S&P500 is trading lower after a minor pullback till the 2894 level. The minor trend remains on the downside as long as resistance 2900 holds. The index has formed a temporary top around 3392 and started to decline from that level. It is currently trading around 2871.6.
The near term support stands at 2850 (200-H MA), any closing below on an hourly basis will drag down till 2823 (61.8% fib)/2798. The major sell-off will happen only if it breaks 2779 (May 3rd low).
The immediate resistance is around 2900, any indicative break above targets 2926/2950/2972.
It is good to sell on rallies around 2885-90 with SL around 2929 for the TP of 2802/2780.
