Pattern formed- Bullish AB=CD pattern
S&P 500 has halted 2 weeks of weakness and shown a minor recovery .The index hits low of 2478 and recovered more than 1.5%.The decline was mainly after Fed cuts growth forecast to 2.3% from 2.5% The declining yield and yield curve inversion also dragging US markets further down.
The near term resistance is around 2520 and any break above targets 2552/2600. The index should break above 2600 for further bullishness.
On the lower side, major support is around 2470 (161.8% fib) and any violation below targets 2430/2400.
It is good to buy on dips around 2490-95 with SL around 2470 for the TP of 2600.
