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FxWirePro:S&P500 Daily Outlook

S&P500 is trading weak for 2nd consecutive days and lost more than 2.5% from high of 2747. It hits low of 2670 and is currently trading around 2670. The index is facing major trend line support at 2655 and any further break below confirms bearish continuation. S&P500 has formed temporary bottom at 2603 and shown a more than 8% till 2818.

On the higher side, near term resistance is around 2724 (20 day MA) and any break above targets 2763 (200 day MA). Minor bullishness only above 2763 and any break above targets  2795/2820. The index should break above 2820 for further bullishness.

 

The near term support is around 2655 and any break below targets 2600. The index should break below 2600 for trend reversal.

 

It is good to sell on rallies around 2700-05 with SL around 2730 for the TP of 2655/2603.

 

 

 

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