S&P500 has shown a good recovery for the intraday after more than 3.5% decline from high of 2818 made on Nov 7th 2018. The index jumped more than 30 points for the day and hits high of 2747.50 at the time of writing. It is currently trading around 2745.5.
On the higher side, near term major resistance is around 2763 (200 day MA) and any close above confirms minor bullishness. Any break above 2763 targets 2795/2820. The index should break above 2820 for further bullishness.
The near term support is around 2700 and any break below targets 2684/2645/2600. The index should break below 2600 for bearish continuation.
It is good to buy on dips around 2720-25 with SL around 2695 for the TP of 2763/2795.
