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FxWirePro: S&P500 upside capped by 20 day MA,good to buy on dips

S&P500 has recovered till 2687 yesterday and shown a minor decline from that level. The jump was mainly due to US-China trade deal hopes .China is buying huge amount of US soybean ordered up to 2 million tons according to US Soybean Export Council. The index has formed temporary bottom around 2588 and is currently trading around 2657.US stock markets and S&P500 has lost more than 8% from high of 2818 made on Nov 7 at that time US 10 year yield was trading around 3.25% during that time.

 

 

The near term resistance is around 2687 (20 day MA and 38.2% fib) and any break above targets 2720/2760/280. The index should break 2760 (200- day MA) for further bullishness.

 

On the lower side, near term support is around 2580 and any break below targets 2559/2537.

 

It is good to buy on dips around 2645-47 with SL around 2620 for the TP of 2755.

 

 

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