S&P500 breaks minor trendline support, targets 2150/2137
Major support – 2165 (trend line joining 2157.90 and 2162.60)
Major resistance -2180
S&P500 has jumped till 2176 at the time of writing and slightly declined from that level. It is currently trading around 2167.60.
On the lower side, slight bearishness can be seen below 2165 and any violation below 2165 will drag the index down till 2150 (21 day MA)/2137 (23.6% retracement of 1989 and 2182.90).
The resistance is around 2180 and any break above targets 2200.
It is good to sell on rallies around 2165-2168 with SL around 2180 for the TP of 2150/2137.
Major resistance -2180
S&P500 has jumped till 2176 at the time of writing and slightly declined from that level. It is currently trading around 2167.60.
On the lower side, slight bearishness can be seen below 2165 and any violation below 2165 will drag the index down till 2150 (21 day MA)/2137 (23.6% retracement of 1989 and 2182.90).
The resistance is around 2180 and any break above targets 2200.
It is good to sell on rallies around 2165-2168 with SL around 2180 for the TP of 2150/2137.