- The S&P500 is trading in a bear trend below the 200-day simple moving average (SMA).
- This Friday bulls managed to reverse earlier daily losses however the index is still under strong bearish pressure.
- While bulls might try to come back at the start of next week they would need a daily close above 2,700.00 figure otherwise bears are likely to keep the downward bias intact with 2,600.00 as next target.
S&P500 daily chart
Spot rate: 2,672.00
Relative change: -0.38%
High: 2,692.50
Low: 2,627.75
Main trend: Bearish
Resistance 1: 2,700.00 figure
Resistance 2: 2,718.75 April 17 high
Resistance 3: 2,763.50 July 11 low
Resistance 4: 2,800.00 figure
Resistance 5: 2,834.25 current October 10 low
Support 1: 2,647.25 March 2 low
Support 2: 2,600.00 figure
Support 3: 2,530.75, 2018 low