S&P 500 forms diamond top pattern, good to sell on rallies
Pattern formed –Diamond Formation
Major intraday resistance – 2085 (trend line joining 2106 and 2096)
S&P 500 has broken major support (diamond formation) level around 2050 and declined till 2035. The index has recovered till 2079 and it is currently trading around 2050. Short term trend is still weak as long as resistance 2085 holds.
Any break below diamond formation confirms minor weakness , a decline till 2020/2000 is possible .
On the higher side any break above 2085 will take the index till 2096/2106 level.
It is good to sell on rallies around 2060-65 with SL around 2085 for the TP of 2025/2003
Major intraday resistance – 2085 (trend line joining 2106 and 2096)
S&P 500 has broken major support (diamond formation) level around 2050 and declined till 2035. The index has recovered till 2079 and it is currently trading around 2050. Short term trend is still weak as long as resistance 2085 holds.
Any break below diamond formation confirms minor weakness , a decline till 2020/2000 is possible .
On the higher side any break above 2085 will take the index till 2096/2106 level.
It is good to sell on rallies around 2060-65 with SL around 2085 for the TP of 2025/2003
