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FxWirePro: S&P500 daily outlook

Major support- 2800

 

S&P500 has halted its 5 day of lossing streak and shown a minor jump 30 points. The index forms minor top around 2891 and lost more than 5%. The main reason is

 

  1. On going US China trade war escalation. Trump has blacklisted Chinese telecom major Huawei

 

Technically speaking the index has formed bottom around 2805 and is currnetly trading around 2839. Any weakness can be seen only below 2800 level. Any break below targets 2779/2745.

 

The major resistance is around 2853 (55- day EMA) and any violation above targets 2890/2925.The index should break above 2959 for further upside.

 

It is good to sell on rallies around 2855-60 with SL around 2890 for the TP of 2800/

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