S&P has broken 2065 (resistance turned into support) and is currently trading 2044. The S&P 500 major support is around 2038 (trend line joining 1820 and 1980 and also 100 day MA) and any break below will take the index further down till 2015/2000 in short term.
The minor resistance is around 2061-64(55 day EMA and also 23.6% retracement of 2119 and 2044) and any break above could pave the way for next target around 2076/2090.
Indicators (Daily chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell
Recommendation: Sell S&P500 around 2050, SL 2065, Targets 2015/2001.
The minor resistance is around 2061-64(55 day EMA and also 23.6% retracement of 2119 and 2044) and any break above could pave the way for next target around 2076/2090.
Indicators (Daily chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell
Recommendation: Sell S&P500 around 2050, SL 2065, Targets 2015/2001.