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  • The S&P500 is down sharply on an intraday basis. 
  • Sellers are pressuring the 3350 support level. 

S&P500 daily chart

The S&P500 Index is trading in a bull trend above its main simple moving averages (SMAs) on the daily chart. The market is dropping to five-day lows while challenging the 3350 support. In the event, the market drops below the above-mentioned level the index is likely to weaken further towards the 3300 level. On the flip side, bulls would need to recapture the 3400 level. 

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