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FxWirePro: S&P500 forms shooting star pattern, dip till 3025 likely

Candlestick pattern: Shooting Star

 

S&P500 is trading higher for past 1-month and jumped more than 200 points from low of 2882. The hopes of a trade deal between the US and China has increased demand for riskier assets like stocks. It hits a lifetime high at 3102 and is currently trading around 3083.40.

 

US 10-year bond yield lost more than 3% for the day after slightly weaker than expected US CPI. The core CPI YOY came at 2.3% vs 2.4% in Sep. But Core CPI m/m rose 0.4% compared to an estimate of 0.2%.

 

On the flip side, near term support is around 3066 (55- 8H EMA), any violation below will drag the index down till 3050/3015-20 level.

 

The high made yesterday 3102 will be acting as near-term resistance and convincing break above will take the index to next level till 3125/3140.

 

It is good to sell on rallies around 3095-3100 with SL around 3125 for the TP of  

By Rangarajan Hariharan
  • Market Data
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