S&P500 is trading flat after continuous 6 day of jump on slightly weaker than corporate earnings from videogame markers but technology companies jump preventing index from fall. The index is trading higher in Feb after 7.9% jump in the month of Jan best month since 1989 and rose nearly 9% in this year. The index jump was mainly due to better corporate earnings by tech companies and dovish Fed.US Fed was more dovish and pledges ‘patience’ stance for further moves .The index hits high of 2738 and is currently trading around 2732.
Short term trend is bullish as long as support 2670 holds. Any break below 2670 confirms minor weakness and a dip till 2637 (300- 4H EMA)/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 2740 and any break above targets 2800/2820.
It is good to buy on dips around 2700-05 with SL around 2670 for the TP of 2820.
