Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: S&P500 downside capped by 2600 level, good to buy on dips

Major Support - 2600

 

S&P500 has lost more than 200 points from high of 2813 made on Dec 3rd 2018. The decline was mainly due to slight weakness in US Non Farm Payroll data and declining US bond yield.

US economy has added 155000 in the month of Nov compared to forecast of 198000 and average hourly earnings came at 0.2% m/m compared to forecast of 0.3%.

 

The index has declined more than 7% in past 5 trading session. The dip was mainly due to easing US 10 year bond yield and 2 year yield surpasses 5 year(inverted yield curve). It hits low of 2610 and is currently trading around 2630.

 

The near term resistance is around 2657 (23.6% fib) and any break above targets 2695/2720/2763/280. The index should break 2820 for further bullishness.

 

On the lower side, near term support is around 2600 and any break below targets 2559/2537 q.

 

It is good to buy on dips around 2635-40 with SL around 2600 for the TP of 2755.

 

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

June 26 21:00 UTC Released

KRBOK Manufacturing BSI

Actual

76 Bln BRL

Forecast

Previous

72 Bln BRL

June 26 19:00 UTC Released

ARTrade Balance

Actual

1373 %

Forecast

850 %

Previous

1131 %

January 31 00:00 UTC 737161737161m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 737161737161m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 748981748981m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 737161737161m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 748981748981m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 737161737161m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 737161737161m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 737161737161m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.