S&P500 has jumped more than 2% from yesterday’s low of 2637 after Fed monetary policy. US Fed was more dovish and pledges ‘patience’ stance for further moves nad better than expected results from Facebook and AMD. Markets eye US Non Farm Payroll data which is to be released tomorrow and US-China trade talks .The index hits intraday high of 2692 and is currently trading around 2686.1.
Short term trend is bullish as long as support 2630 holds. Any break below 2630 confirms minor weakness and a dip till 2590/2550/2530 likely. Any daily close below 2500 targets 2465/2437/2397. Any further bearish continuation only below 2330.
On the higher side near term resistance is around 2700 and any break above targets 2740 (200- day MA)/2800.
It is good to buy on dips around 2660-65 with SL around 2630 for the TP of 2740.
