S&P 500 monthly-Achieved downside tgt 2105 next tgt 2082

S&P 500 monthly chart technical analysis November 2016 S&P 500 monthly chart technical analysis November 2016 S&P index on last trading session closed at 2097 with huge loss. SPX in month of November breached its major pivot support of 2140 and given fresh sell signal. SPX major downside were 2105 and then 2082 and these are monthly target zones out of which 2105 got achieved.   SPX November monthly trend and momentum both are down but technically oversold so expect sharp value buying as well as short covering on lower levels. On upside 2140 remain as major hurdle. Weekly closing above 2140 mean fresh breakout and trend change for this index. Above 2140, Dow jones will face strong resistances at 2160 and then 2195. These will be target zones on trend reversal.   SPX weekly chart showing 2020 is major support zone and above it index will remain bullish and buy from long term view. But current weekly chart price pattern and indicators suggesting S&P 500 most likely to test 2020 level in medium to long terms.

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Pramod Baviskar

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