FxWirePro:S&P 500 faces strong support at 2090, good to buy on dips
Major support – 2090 (trend line joining 1807 and 1989, weekly Kijun-Sen). Major resistance – 2166.80 (10- day MA). The index pared its previous week loss and jumped till 2154 at the time of writing. It is currently trad…
Major support – 2090 (trend line joining 1807 and 1989, weekly Kijun-Sen).
Major resistance – 2166.80 (10- day MA).
The index pared its previous week loss and jumped till 2154 at the time of writing. It is currently trading around 2147.90.
Major trend reversal of the index can happen only above 2166 (10- day MA) and break above that level will take the index to next immediate resistance at 2193.9 (Aug 15th 2016 high)/2246 (161.8% retracement of 2193.40 and 2108) in the short term.
On the lower side, any break below 2090 will drag the index down till 2060 (100- W MA)/2046 (38.2% retracement of 1807 and 2193.90).
It is good to buy on dips around 2125 with SL around 2090 for the TP of 2194
