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