Candlestick pattern- Shooting Star
Major resistance- 2820
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. 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.
