S&P 500 faces strong support around 1790,good to sell on rallies
Major support – 1789 (200 W MA)
Major resistance -1915 (7 W EMA)
The index has retreated till 1827 at the time of writing after making a high of 1890. Short term trend is weak as long as index closes below 1915.
Any close above 1915 will take the index to next level 1946/1963/1998.Overall trend reversal can happen if it closes above 2005 level.
The index major support is at 1789 and break below targets 1760/1725.
It is good to sell on rallies around 1875-80 with SL around 1915 for the TP of 1791/1735
Major resistance -1915 (7 W EMA)
The index has retreated till 1827 at the time of writing after making a high of 1890. Short term trend is weak as long as index closes below 1915.
Any close above 1915 will take the index to next level 1946/1963/1998.Overall trend reversal can happen if it closes above 2005 level.
The index major support is at 1789 and break below targets 1760/1725.
It is good to sell on rallies around 1875-80 with SL around 1915 for the TP of 1791/1735
