Major resistance- 2820
S&P500 has shown a massive recovery of more than 80 points in past two trading session. The jump was mainly due to US-China trade deal happened at G20 summit. The index has broken major resistance of 2761 (200- day MA) and jumped till 2813 at the time of writing. It is currently trading around 2811.
The near term resistance is around 2820 and any break above targets 2845/2870 (78.6% fib)/2900. The index should break 2940 for further bullishness.
On the lower side, near term support is around 2761 (200- day MA) and any break below targets 2740/2718 (20- day MA).
It is good to buy on dips around 2765-70 with SL around 2740 for the TP of 2845.
