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S&P500 faces strong resistance around 1990, break above targets 2045

  • Major resistance - 1990 (trend line joining 1931 and 1946)
     
  • Major support - 1960
     
  • The index has slightly recovered after making a low of 1968. It is currently trading around 1987.
     
  • Any break above 1990 will confirm minor bullishness, a jump till 2025/2042 in short term.
     
  • Minor weakness can be seen below 1960 and break below targets 1942/1920.
     
  • Short term bullish invalidation only below 1890.

It is good to buy above 1990 with SL around 1960 for the TP of 2023/2045

 

  • Market Data
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