FxWirePro: S&P 500 closes above major resistance 2100, good to buy at dips

• Pattern - Channel pattern
   
• S&P500 was trading in narrow channel for the past Seven trading session between 2070 and 2100 level.
   
• It has broken major resistance 2100 and closed around 2101 yesterday. Short term trend is still bullish as long as support 2080 holds.
   
• The ISM manufacturing index data released yesterday was very much weaker than expected. But  the weaker ISM data won't dissuade Federal policy makers from raising interest rates.
   
• Market awaits Fed chairman Yellen speech, ECB monetary policy and US Nonfarm payroll data this week for further direction.
   
• Technically the index is facing strong resistance around 2108 and break above will take the index till 2115/2120 level.
   
• On the downside major intraday support is around 2090 and break below targets 2080/2070.

It is good to buy at dips around 2090 with SL around 2078 for the TP of 2108/2120