S&P500: 2618 trade pattern
Chart Pattern - Double top
S&P500 trades lower after a minor jump till 3293 and is currently trading around 3247. The spread of coronavirus is putting pressure on global stock markets. The death toll has increased to 170 and confirmed cases rose to 771, most of the death has been from Wuhan and province of Hubei.
On the flip side, immediate major resistance is around 3235 (38.2% fib) and any violation below will drag the index till 3203/3172.
The near-term resistance is around 3299 (200- 4H MA/61.8% fib), any indicative break above will take the index to next level till 3335/3350.
It is good to sell on rallies around 3265-70 with SL around 3300 for the TP of 3175.
