In the S&P 500 chart, 2880 is a notable technical threshold as it coincides with a cluster of pivots, according to analysts at TD Securities.
Key quotes
“Even though the S&P 500 closed in the green, it was below the 2880 level which appears like a notable pivot as it broadly coincides with a multitude of pivots (the Oct 3, 2019 low, Aug 2019 congestion zone, Feb 28, 2020 low, April 17, 2020, high).”
“The S&P 500 overall remains below its 200-dma which sit just a hair above 3k.”
“If the pivots are to be respected, the S&P 500 might be in the process of a head and shoulders formation as well. If validated, support levels we have our eye on are 2773 and 2650 (which could be neckline support).”
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