S&P500 breaks minor trend line support, dip till 2435 likely
S&P500 formed a temporary top around 2477 and started to show a minor decline from that level. It is currently trading around 2469.
The index has broken minor trend line support at 2470 and this confirms minor weakness, decline till 2449 (Jul 18th 2017 low)/2440 (100- 4H MA)/2432 likely.
On the higher side near term resistance is around 2483 (161.8% fibo) and any break above will take the index till 2500 in the short term.
It is good to sell on rallies around 2470-2472 with SL around 2483 for the TP of 2450/2433.
The index has broken minor trend line support at 2470 and this confirms minor weakness, decline till 2449 (Jul 18th 2017 low)/2440 (100- 4H MA)/2432 likely.
On the higher side near term resistance is around 2483 (161.8% fibo) and any break above will take the index till 2500 in the short term.
It is good to sell on rallies around 2470-2472 with SL around 2483 for the TP of 2450/2433.