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FxWirePro: Sell S&P500 below 2430

  • S&P500 has formed temporary top around 2453 on Jun 19th 2017 and declined slightly from that level till 2430. It is currently trading around 2435.9.
     
  • On the lower side, near term support stands at 2430 and any break below will drag the index down till 2415 (Jun 9th low)/2403 (May 31st low).
     
  • The temporary top formed around 2453 will be acting as major resistance and any break above will take the index till 2470 (161.8% retracement of 2453 and 2403)/2500. The minor resistance is around 2446.
     
  • Short term bullish invalidation only below 2320 level.

It is good to sell below 2430 with SL around 2446 for the TP of 2403/2380.

 

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