SPX weekly technical analysis 16 to 20 may 2016

SPX weekly technical analysis 16 to 20 may 2016 S&P 500 index this week closed at 2046. On weekly chart price trend and momentum both are in bears hands.   S&P future tried to change the trend with bounce back above 2070 resistance but failed to do so.   On downside my tgts are 2030 and then 1995. Traders below 2070 keep sell on rise view for next week and expect tgt 2030 and below it next tgt will be 1995.   SPX future below 2015 will turn bearish for year 2016, and start fresh downcycle for tgts 1895 and 1750. So watch 2015 level carefully for weekly basis closing.

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Pramod Baviskar

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