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FxWirePro: S&P 500 faces strong resistance around 2030, good to sell on rallies

  • Major Resistance -2030
     
  • The index has jumped till 2025 yesterday after making a low of 1987. It is currently trading around 2003.
     
  • Short term trend is still weak as long as resistance 2030 holds. Any break above 2030 will take the pair to new level 2050/2060.
     
  • Major trend reversal only if it closes above 2060 level.
     
  • On the lower side any break below 1985 (trend line joining 2003 and 1993) and break below targets 1965/1942.

It is good to sell on rallies around 2005-2010 with SL around 2030 for the TP of 1965/1942  

 

 

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