S&P500: 161.8% retracement and bearish divergence
Major resistance – 2165 (161.8% retracement of 2114 and 2025)
Pattern formed – CCI (50) bearish divergence
S&P500 has made a high of 2163.5 at the time of writing and is currently trading around 2162.5.
The index has declined till 2146 yesterday and slightly jumped from that level. S&P500 is in over bought zone a slight dip till 2145/2123 (4 hour Kijun-Sen).
On the higher side, any break above 2165 will take the index till 2180/2200.
It is good to sell on rallies around 2165-2168 with 2180 for the TP of 2145/2125.
Pattern formed – CCI (50) bearish divergence
S&P500 has made a high of 2163.5 at the time of writing and is currently trading around 2162.5.
The index has declined till 2146 yesterday and slightly jumped from that level. S&P500 is in over bought zone a slight dip till 2145/2123 (4 hour Kijun-Sen).
On the higher side, any break above 2165 will take the index till 2180/2200.
It is good to sell on rallies around 2165-2168 with 2180 for the TP of 2145/2125.