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FxWirePro: S&P500 trades well above 55-day EMA, jump till 2725 likely

S&P500 is trading higher for 4th consecutive day and jumped more than 60 points.the jump was mainly due to easing trade war tensions between US and China. The Wall Street Journal reported on Thursday that US Treasury Secretary Mnuchin discussed lifting some or all tariffs imposed on Chinese imports. The index hits high of 2649 and is currently trading around 2646.60.

 

Short term trend is bullish as long as support 2525 (20- day MA). Any break below 2525 confirms minor weakness and a dip till 2465/2437/2397. Any further bearish continuation only below 2330.The minor support is 2580.

 

On the higher side near term resistance is around 2676 (300-day EMA) and any break above targets 2725/2742 (200- day MA).

 

It is good to buy on dips around 2620-25 with SL around 2590 for the TP of 2725/2740.

 

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January 22 19:00 UTC 571576571576m

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January 31 00:00 UTC 559756559756m

ARAnnual Primary Balance*

Actual

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 559756559756m

ARAnnual Primary Balance*

Actual

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Previous

Bln AR bln ARS

January 31 00:00 UTC 559756559756m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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