The S&P 500 Index is dropping more than 2% on Wednesday to hit one-week lows at 3.039. Market concerns of a second COVID-19 wave and US President Trump’s threat to impose tariffs on European imports have crushed hopes of a quick post-coronavirus recovery. The index has broken below the bottom of the last six days’ trading range, at 3,065/70 to test support at the 200-SMA in the 4-hour chart near 3,030. Below here, the Technical Confluence Indicator shows 61.8% Fibonacci one-week support at 3,025 and a 23,8 Fibonacci one-week support level at 2,999. On the upside, a potential bullish reaction might find resistance at 3,060 (Bollinger band 4-hour lower) and above here, at 3,070 area, the confluence of Bollinger band one-hour lower and previous month-high before 3,080, the confluence of the Fibonacci 38,2% one-week and the pivot point one-day S1. Here is how it looks on the tool FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Ethereum Price Prediction: ETH/USD at risk of losing $230 after a massive 5% crash FX Street 2 years The S&P 500 Index is dropping more than 2% on Wednesday to hit one-week lows at 3.039. Market concerns of a second COVID-19 wave and US President Trump’s threat to impose tariffs on European imports have crushed hopes of a quick post-coronavirus recovery. The index has broken below the bottom of the last six days’ trading range, at 3,065/70 to test support at the 200-SMA in the 4-hour chart near 3,030. Below here, the Technical Confluence Indicator shows 61.8% Fibonacci one-week support at 3,025 and a 23,8 Fibonacci one-week support level at 2,999. On the upside, a potential bullish reaction… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
