S&P500 faces strong support at 1835, break below targets 1785
Major support -1835 (trend line joining 1818 and 1833)
Short term resistance -1890 (7 day EMA)
The index has broken minor support 1850 and declined till 1837 at the time of writing. It is currently trading around 1840.
Any break below 1835 will confirm minor trend reversal, a decline till 1800/1785 (200 day W MA) is possible.
On the higher side major resistance is around 1890 and break above targets 1915/1930/1960.
Overall trend reversal only above 2020.
It is good to sell below 1835 with SL around 1865 for the TP of 1800/1785.
Short term resistance -1890 (7 day EMA)
The index has broken minor support 1850 and declined till 1837 at the time of writing. It is currently trading around 1840.
Any break below 1835 will confirm minor trend reversal, a decline till 1800/1785 (200 day W MA) is possible.
On the higher side major resistance is around 1890 and break above targets 1915/1930/1960.
Overall trend reversal only above 2020.
It is good to sell below 1835 with SL around 1865 for the TP of 1800/1785.