Candlestick pattern- Shooting Star
Major resistance- 2820 (triple top)
S&P500 has declined slightly after hitting high of 2813 on Monday. The index was trading higher for past two months and jumped nearly 20% on account of US-China trade talk optimism. But slight decline after Trump and Kim summit cut short. Markets eye US GDP data to be released today for further direction. It is currently trading around 2786.
On the higher side, the index has formed triple top around 2820 and any break above targets 2860/2900/2940. Any break above 2940 confirms bullish continuation.
The near term major support is around 2748 (200- day MA) and any break below will drag the index to next level till 2702 (23.6% fib)/2684 (300- day EMA).
It is good to sell on rallies around 2795-2800 with SL around 2825 for the TP of 2705.
