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  • The S&P500 is starting the week on the back foot, declining below last week’s high.
  • The level to beat for bears are at the 2,890 and 2,870 levels.  
 

S&P500 daily chart

 
The S&P 500 Index ended the day just at the 2,900 handle below the 50/100 day simple moving averages (DSMAs) as the market is choppy between the 2,800 and 2,950 levels.
   

S&P500 4-hour chart

 
The market is challenging the 2,900 level and the 50/100 SMAs. Bears want a break below 2,890 support to drive the index towards 2,870 and 2,850 support.  

S&P500 4-hour chart

 
The index is testing the 200 SMA, suggesting a correction down in the near term. Immediate resistances are seen at 2,910 and 2,930 levels.

Additional key levels