Chart pattern- Double top
Major resistance- 2820
S&P500 trades weak for past three trading day after a continues jump for past more than 2- month. The index recovered more than 20% from low of 2334 level on account of easing trade tensions between US-China. It has formed temporary top around 2820 and is currently trading around 2765.40
The near term major support is around 2748 and any violation below will drag the index till 2732/2715 (300- 4H EMA)/2700. Any violation below 2680 confirms further weakness.
On the higher side, minor resistance is around 2800 and any break above will take the index to next level 2820.It should break above 2820 for further bullishness.
It is good to sell on rallies around 2790-95 with SL around 2820 for the TP of 2745/2700.
