Major resistance – 2306 (161.8% retracement of 2277.8 and 2232.4). Major support – 2256 (Jan 23rd 2017 low) Pattern formed – Bearish Divergence (RSI and MACD) S&P500 has shown a slight decline after forming top at 2303.8…
Major resistance – 2306 (161.8% retracement of 2277.8 and 2232.4).
Major support – 2256 (Jan 23rd 2017 low)
Pattern formed – Bearish Divergence (RSI and MACD)
S&P500 has shown a slight decline after forming top at 2303.80 on Jan 26th 2017. It is currently trading around 2287.
The index is facing major resistance at 2306 (161.8% retracement of 2277.8 and 2232.4) and any break above will take the index till 2339 (161.8% retracement of 2137 and 1810).
On the lower side, minor support is around 2281 (7- day MA) and any break below will drag the index down till 2265 (30- day EMA)/2256 (Jan 23rd low).
It is good to sell on rallies around 2295-2300 with SL around 2307 for the TP of 2265/2256
