- The S&P500 is trading below its 200-day simple moving average suggesting a bearish bias.
- The S&P500 is currently rebounding from above the 2,647.25 level (March 2 low) as bulls are challenging the 2,700.00 figure. Technical indicators remain firmly in bearish territories suggesting that much work is still to be done for bulls to retake control of the market.
- The 2,700.00 is likely the next key level for both bulls and bears. Failure to break above it could lead to a resumption of the bear trend.
S&P500 4-hour chart
Spot rate: 2,700.25
Relative change: 0.96%
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