s&p 500 pre market view
s&P 500 index yesterday closed at 1658 with gains.in last 19 session only 3 session seen negative closing while 16 session closed with gains.supporting bull market.on weekly chart in last 4 week we seen 110+ points run from bottom.while on monthly chart this is 7th gaining month for s&P index in straight.
here traders must watch 1638 as small support on downside and expect 1680-1700 levels as targets in next 1-2 session.closing below 1638 will disturb technical and may show sharp correction moves and lower levels upto 1620 to 1570.
on daily chart ,s&P index week average is 1643then comes month average at 1608 while in last 1570 is 3month average.all momentum indicators are in overbought zone but trending strong on buying demand.
s&P index in last 1 month time period given 6.9% return,nasdaq given 7.9% return while dow rallied 4.6%.while s&p vix down 26%.
from long term s&P index in bull market which has weekly closing support at 1600 for now and on upside 1730 and then 1820as upside target and trending towards them.