S&P500: Double Top and 2618 trade setup

Double top -2818

61.8% retracement of 2818 and 2626 - 2745.

S&P500 has shown a massive jump yesterday of more than 2% almost 60 points form low of 2681 level. The index hits high of 2745 and shown a minor decline.It is currently trading around 2735.40.

The near term resistance is around 2745 and any violation above targets 2763 (200- day MA). Any convincing break above 2763 confirms minor bullishness and a jump till 2820 likely. The decline from 2920 will complete at 2603 only if index trades above 2820 level.

On the lower side support is around 2715 and any violation below will drag the index to next level till 2700/2680 level.

It is good to sell on rallies around 2738-40 with SL around 2762 for the TP of 2680.