S&P500 has declined slightly after forming a temporary top around 2453 on Jun 19th 2017. The index broken minor trend line support at 2430 and declined till 2415. It is currently trading around 2425. On the lower side, n…
S&P500 has declined slightly after forming a temporary top around 2453 on Jun 19th 2017. The index broken minor trend line support at 2430 and declined till 2415. It is currently trading around 2425.
On the lower side, near term support stands at 2415 (Jun 9th low) and any break below will drag the index down till 2403 (May 31st low)/2387 (61.8% retracement of 2345 and 2453)/2345.
The temporary top formed around 2453 will be acting as major resistance and any break above will take the index till 2470 (161.8% retracement of 2453 and 2403)/2500. The minor resistance is around 2446.
Short term bullish invalidation only below 2320 level.
It is good to sell on rallies around 2430 with SL around 2446 for the TP of 2403/2387/2345.
