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S&P500 breaks minor trend line support, dip till 2435 likely

  • S&P500 formed a temporary top around 2477 and started to show a minor decline from that level. It is currently trading around 2469.
     
  • The index has broken minor trend line support at 2470 and this confirms minor weakness, decline till 2449 (Jul 18th 2017 low)/2440 (100- 4H MA)/2432 likely.
     
  • On the higher side near term resistance is around 2483 (161.8% fibo) and any break above will take the index till 2500 in the short term.

It is good to sell on rallies around 2470-2472 with SL around 2483 for the TP of 2450/2433.

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