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.