S&P 500 technical view 28 aug 2013



S&P 500 technical view

S&P 500 index trading at 1636.6 with loss for today.today S&P 500 index hit high near 1656 while low was near 1635 and trading near it.on daily chart S&P 500 index trend and momentum both seems to bearish.

S&P 500 index trading below all short term average while indicators also with bearish divergences on daily chart.on daily chart below 3 month average resistance zone of 1660 traders keep sell on rise view and expect 1610-1560 in short to medium term here.

on weekly chart,S&P 500 index 6 month average is 1610 and first major support on downside.below that 1545 is 12 month average levels and next support.if global crisis spread then expect this levels as target in next 4-5 weeks time frame.

for intraday ,traders can hold short with trailing stoploss of 1645 and expect 1630-1610 as immediate targets.

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Pramod Baviskar

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