- Major resistance- 2201 (161.8% retracement of 2120 and 1989).
- Major support -2172 (trend line joining 2147 and 2168).
- Pattern formed- Bearish Divergence (RSI and CCI(50).
- S&P500 has made a temporary top around 2193.90 (Aug 15th 2016 high) and declined from that level. It is currently trading around 2179.
- On the lower side, major support is around 2170 and any violation below will drag the index down till 2140 (55 day EMA)/2115 (38.2% retracement of 1989 and 2193.70).
- Any break above 2201 confirms minor bullishness and break above targets 2210 (161.8% retracement of 2193.90 and 2168)/2230.
- Minor weakness can be seen below 2170 level.
It is good sell on rallies around 2185 with SL around 2201 for the TP of 2145/2118