FxWirePro: Buy S&P 500 targeting 2250

US benchmark stock index, S&P 500 has been struggling to gather the necessary momentum to break free of the key resistance zone above 2180 area. However, we believe that better than expected earnings season, coupled with the assurance from the US Federal Reserve of easy money and the very end of the US Presidential Election (no matter who wins) would provide enough of a boost to the index and help it find the escape velocity.

We recommend, buying the S&P 500 here and at dips. We expect the index to first test area around 2180 in the very near future and then move higher towards the next target 2210. The final target is 2250 under this short-term call. Stop losses are at 2130, 2120 and 2100.