S&P500 Breaks Major Support 2050, Targets 2023/2000

S&P500 Breaks Major Support 2050, Targets 2023/2000

4 May 2016, 14:16
Roberto Jacobs
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S&P500 Breaks Major Support 2050, Targets 2023/2000

  • Major support - 2050 
  • Major Intraday resistance - 2070 
  • Short term trend reversal Level- 2085 
  • The index has broken major support 2050 and declined till 2046.6 at the time of writing. It is currently trading around 2047. 
  • Any break below 2050 will drag the index down till 2023/2015/2006 
  • Minor trend is weak as long as resistance 2070 holds. Any indicative break above 2070 will take the index till 2080 (200 HMA)/2085.

It is good to sell on rallies around 2053-55 with SL around 2070 for the TP of 2023/2008

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