S&P500: Bearish divergence and 161.8% retracement

• Major resistance- 2201 (161.8% retracement of 2120 and 1989).
   
• Major support -2172 (trend line joining 2147 and 2168).
   
• Pattern formed- Bearish Divergence (RSI and CCI(50).
   
• S&P500 has made a temporary top around 2193.90 (Aug 15th 2016 high) and declined from that level. It is currently trading around 2179.
   
• On the lower side, major support is around 2170 and any violation below will drag the index down till 2140 (55 day EMA)/2115 (38.2% retracement of 1989 and 2193.70).
   
• Any break above 2201 confirms minor bullishness and break above targets 2210 (161.8% retracement of 2193.90 and 2168)/2230.
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• Minor weakness can be seen below 2170 level.

It is good sell on rallies around 2185 with SL around 2201 for the TP of 2145/2118