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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.

 

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-1541 %

January 31 00:00 UTC 509053509053m

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January 31 00:00 UTC 509053509053m

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January 31 00:00 UTC 509053509053m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

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