S&P500 is trading weak for third consecutive day and has lost more than 2% yesterday. The index has broken major support 2583 ow made on Dec 10th 2018 and hits 14-month low. US markets declined more than 10% in this month of Dec worst since 1931. The decline was due to slightly weak economic data and declining US 10 year yield. The US 10 year yield was at 3.25% and has lost 8% from the high and US 2 year and 5 year yield got inverted. It is currently trading around 2562.
The near term resistance is around 2600 and any break above targets 2622 (7- day MA)/2641/2686/2720. The index should break 2760 (200- day MA) for further bullishness.
On the lower side, near term support is around 2530 and any break below targets 2500/2470.
It is good to sell on rallies around 2600-05 with SL around 2622 for the TP of 2530/2470.