FxWirePro: CAD/JPY’s Interim Bulls Seem Deceptive, Major Downtrend Still Imminent On Head & Shoulder Pattern – Trade & Hedging Setup
FxWirePro: S&P500 Short term outlook
S&P500 continues to trade higher for 5th consecutive days on COVID-19 vaccine hopes. The easing of lockdown a slight decline in the number of new coronaviruses infected cases has increased market risk appetite. But weak US economic data and global recession due to corona might cap upside. The index has formed a temporary bottom around 2766 and jumped slightly above 200-day MA. It is currently trading around 3035.1.
The near term support stands at 3005 (200-day MA), any closing below daily will drag down till 2944 (200-day EMA)/2900/2873. The major sell-off will happen only if it breaks 2765 (May 14th low).
The immediate resistance is around 3050, any indicative break above targets 3094 (161.8% fib)/3138/3182.
It is good to sell on rallies around 3070-75 with SL around 3130 for the TP of 2902/2855.