S&P 500 breaks minor trend line support, dip till 2543 likely
S&P has formed a temporary top around 2596 and is showing a minor decline from that level. The index broken minor trend line support at 2581 and declined till 2573. It is currently trading around 2575.
The index is facing strong resistance around 2602 (161.8% retracement of 2579 and 2543) and any break above confirms further bullish continuation. Any break above will take the S&P500 till 2615 (161.8% retracement of 2596 and 2565)/2630.
The near term support is around 2565 (Nov 9th low) and any break below will drag the index down till 2550/2543 (Oct 25th 2017 low).
It is good to sell on rallies around 2580-2585 with SL around 2602 for the TP of 2551/2453.
The index is facing strong resistance around 2602 (161.8% retracement of 2579 and 2543) and any break above confirms further bullish continuation. Any break above will take the S&P500 till 2615 (161.8% retracement of 2596 and 2565)/2630.
The near term support is around 2565 (Nov 9th low) and any break below will drag the index down till 2550/2543 (Oct 25th 2017 low).
It is good to sell on rallies around 2580-2585 with SL around 2602 for the TP of 2551/2453.
