I am very keenly watching the developments for few days and things got interesting enough to post my analysis about S&P 500 (Future) of US. But, let me first tell about how far my recent analysis stands:
- On April 21, S&P 500 Future did not break my support level of 823 (it was the low for the day!) which I had posted on April 21, and after that it is trading well above that level.
- Same day, I had put first resistance on 876 and today (at the time of writing this post) it is just above that level, at 882.
- I have been insisting on for quite some time that the trend for short term (now medium term) is clearly up and I was surprised on many pundits shouting danger when we saw markets falling on odd days. People have the habit of getting overexcited on rallies and overfearful on declines, both of which must be avoided by serious traders.
- The short to medium trend is up but since the fall of April 20, there is a certain amount of weakness in the rally. However, I expect it to test 895 if the upward momentum continues. 929 remains key level if it can manage to get there.
- As 876 is cleared at least for intraday, I think this level should act as support now.
- Resistance: 896, 917, 929
- Support: 876, 864, 855, 845, 823