S&P500 trading higher for fifth consecutive day and jumped more than 4.5% from low of 2720 made on Mar 8th 2019.The index was trading higher nearly fresh 2-1/2 month and jumped more than 20% from low of 2334 on easing US--China trade tensions and increasing risk appetite. It hits intraday high of 2847 and is currently trading around 2846.5. Markets eye Fed monetary policy for further bullishness. Fed is expected to be more dovish and to lower its “dot plot” to show little or no rate hike in 2019.
The index’s near term support is around 2820 (23.6% fib and resistance turned into support) and any break below targets 2790 (20- day MA) / 2750 (200- day MA)/2720. Any violation below 2690 confirms further weakness.
On the higher side, major resistance is around 2850 and any break above will take the index to next level 2900/2930.
It is good to buy on dips around 2810-15 with SL around 2789 for the TP of 2930.
