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FxWirePro: S&P500 struggles to close above 200- day MA and upside capped by 23.6% fib, good to buy on dips

Major support - 2700

 

The index was consolidating in narrow range between 2708 and 2781 for past four trading session. S&P500 is struggling to close above 200- day MA and any daily close will confirm minor trend reversal. It is currently trading around 2766.

 

On the lower side major support is around 2700 (61.8% fib) and any break below targets 2674/2645/2600.

 

The near term major resistance is around 2766 (200- day MA) and any close above will take the index to next level till 2794 (23.6% fib)/2834 (89- day EMA).

 

It is good to buy on dips around 2735-40 with SL around 2700 for the TP of 2835. .

 

 

 

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