S&P 500 breaks major support 2067, good to sell on rallies
S&P 500 has broken trend line support (2078) and also short term support 2067 (May 6th low). It confirms short term weakness, a decline till 2039 (Mar 11th low) is possible.
Short term trend reversal can happen only above 2100.
Major support is around 2053 and any two consecutive daily close below that level will drag the index till 2000 level.
It is good to sell on rallies around 2075-80 with SL around 2100 for TP of 2039/1980
Short term trend reversal can happen only above 2100.
Major support is around 2053 and any two consecutive daily close below that level will drag the index till 2000 level.
It is good to sell on rallies around 2075-80 with SL around 2100 for TP of 2039/1980