S&P500 has halted its 4 days of winning streak and declined nearly 30 points from high of 2763 on US-China trade pessimism and weak US retail sales data.US retail sales has declined 1.2% in Dec biggest drop since Sep 2009. The index has taken support near 5 day MA and shown a minor jump. It hits intraday high of 2763 and is currently trading around 2747.
The near term minor support is around 2724 (10 day MA) and any break below targets 2700/2678.Short term trend is bullish as long as support 2678 (300- day EMA) holds. Any break below 2678 confirms minor weakness and a dip till 2637 /2595/2550/2530 likely. Any daily close below 2500 targets 2465/2437/2397. Any further bearish continuation only below 2330.
On the higher side the index upside is rejected around 2763 (88.6% fib) and any break above targets 2800/2820 level is possible.
It is good to buy on dips around 2720-25 with SL around 2678 for the TP of 2820.
