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FxWirePro: S&P500 Daily outlook

Major support- 3800

 

S&P500 has formed triple bottom around 3800 and shown a minor pullback. The index was one of the worst performers and dropped more than 7% as aggressive hikes by Fed might drag the US economy into recession.  Data released the previous week shows a weak economic momentum, with new home sales, Philly fed manufacturing, and flash ISM manufacturing plunging. The index hits a low of 3932 and is currently trading around 3935.

 

Technically, near-term resistance is at 4000 and any indicative break above targets 4135/4205/4308.

 

On the flip side, significant support stands at 3800, and violation below confirms significant weakness, a dip till  3722/3600 likely.

 

It is good to sell on rallies around 4045-50 with SL around 4135 for the TP of 3800.

 

 

 

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