Candlestick pattern- Shooting Star
S&P500 is trading higher for past 1-month and jumped more than 7% on easing US-China trade tension. The phase one trade deal is almost over and both countries are expected to sign within this month. The index hits a lifetime high of 3084 and is currently trading around 3073.
US 10-year yield is showing a good recovery of more than 20%, after forming a temporary bottom around 1.50%. Any further jump can be seen only above 1.907% and is currently trading at 1.85%.
Technically, near-term support is around 3055 (7-day MA), any violation below will drag the index down till 3030/3004 (21- day MA).
The major resistance is at 3085 high made yesterday and breaks above targets next level till 3100/3125.
It is good to sell on rallies around 3083-85 with SL around 3125 for the TP of 3000.
