- S&P 500 is bouncing off 37-month lows and is nearing the 2600 mark.
- Strong resistance is expected in the 2600/2700 zone.
S&P 500 four-hour chart
The S&P 500 is pulling back up after suffering one of the sharpest decline in history. While the market is correcting and some investors call for a v-shaped recovery, the S&P 500 will need to clear the 2600/2700 resistance to create a more reliable bottom. In the meanwhile, the market is likely to remain vulnerable below the above-mentioned price area. Support is seen near the 2500, 2400 and 2300 levels on the way down.