2016.10.1806:15:00UTC+00Fxwirepro: S&p500 Upside capped by 10- Day Ma, Good to Buy on Dips

• Major resistance- 2150 (10- day MA).
   
• Major support -2108 (Sep 12th 2016 low).
   
• The index formed a temporary bottom at 2112 and started to jump from that level. It is currently trading around 2137.70.
   
• S&P500 jumped till 2150 from the low of 2112 and started to decline from the high. S&P500 upside is capped by 10- day MA and any violation above that level will take the index to next level till 2165/2180 in the short term.
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• On the lower side, major support is 2108 and any the indicative break below 2108 will drag the index down till 2092/2067 (61.8% retracement of 2007 and 2193.90) in the short term.

It is good to buy on dips around 2125-30 with SL around 2108 for the TP of 2150/2178.