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Add as a preferred source on Google FxWirePro:S&P 500 breaks major trend line support, good to sell on rallies 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 wil…
By FxWirePro Team Oct 13, 2016, 7:50 AM UTC
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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
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