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  • S&P500 consolidates losses below the 2500 level.
  • The level to beat for bears is the 2300 support.

S&P500 daily chart

The market is consolidating the sharp drop while trading below the 2500 mark. However, the S&P500 is officially in a bear market as it dropped more than 20% from its recent all-time high. If bears manage to get a daily close below the 2300 level, the index could potentially continue to decline towards the 2200 and 2000 figures. On the flip side, bulls can find resistance near the 2500 level followed by 2600 and 2700 figures on the way up. 

Additional key levels