- Major support – 2131 (trend line joining 1807 and 1989).
- The index breaks trend line support and declined till 2120 at the time of writing. It is currently trading around 2125.
- On the lower side, any close below 2130 will drag the index down till 2108 (Sep 12th 2016 low)/2090 (50% retracement of 1807.50 and 2193.4).
- Short term weakness can be seen only below 2066 (200- day MA).
- S&P500 minor resistance is around 2140 (support turned into resistance) and any break above targets 2154 (100- day MA)/2169.
It is good to sell on rallies around 2130-35 with SL around 2154 for the TP of 2108/2092
