Major trend line support- 2578
S&P500 is trading weak for 3rd consecutive week and lost more than 20%. The index is in a bearish trend and major weakness can be seen only less than 2580. The overall trend is weak but in weekly charts, RSI is in 25 levels which show the market is oversold.
Technically on the flip side, the near term primary support is around 2578 and any violation below will drag the index down till 2540/2500.
The immediate resistance to be watched is 2640, an indicative break beyond targets 2670/2700/2792.
It is good to buy on dips around 2585-90 with SL around 2540 for the TP of 2700/2790.
