FxWirePro:S&P500 trades above 200-day MA, jump till 2820 likely

13 February 2019, 13:35

S&P500 is trading higher and broken major resistance 2744 (200- day MA) after a long consolidation. The index has closed around 2744 highest level since Dec 3rd. The jump was due to better than expected corporate earnings and easing US-China trade tension.
Short term trend is bullish as long as support 2675 (300- day EMA) holds. Any break below 2675 confirms minor weakness and a dip till 2637 /2595/2550/2530 likely. Any daily close below 2500 targets 2465/2437/2397. Any further bearish continuation only below 2330.

On the higher side the index is trading slightly above 200- day MA and this confirms minor bullishness and a jump till 2800/2820 is possible.

It is good to buy on dips around 2725-30 with SL around 2675 for the TP of 2820.