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  • The S&P 500 is resuming its fall challenging the 2020 lows. 
  • A break below the 3200 level can lead to further selling. 
  • The spreading of the Coronavirus is making investors fearful of a strong negative impact on global trade.
 

S&P 500 daily chart

 
The S&P 500 Index is having a deep retracement down below the 50-day simple moving average (SMA) as bears are challenging the 3200 figure near the 2020 low. The spread of the Coronavirus is sending the market into panic. A break below the above-mentioned level could cause investors to panic and therefore attract further selling interest leading to an extension down towards 3100 and the 3000 figure. 
 

Additional key levels