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S&P500 breaks major trend line support, dip till 2910 possible

S&P500 is trading weak for the 4th consecutive day and lost nearly 50 points from all-time high 3015. US and China trade war impact on earnings is putting pressure on Wall Street. CSX rail freight giant has cut its forecast due to the US-China trade war. US housing starts and building permits came weaker than expected. The renewed tension between the US and China after Trump threatened to put tariffs of $325 billion of Chinese goods. It hits low of 2970 and is currently trading around 2977.40.

 

On the flip side, near term support is around 2968 (21- day MA) and any break below will drag the index down till 2950/2919 (55-day EMA).

 

The near term resistance is around 3000 and any violation above will take the index till 3015. Any major move only above 3015.

 

It is good to sell on rallies around 2980-85 with SL around 3000 for the TP of 2915.

By Rangarajan Hariharan
  • Market Data
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