The S&P 500 is trading nearly 2% lower on Monday. Coronavirus fears step up the selling pressure in the indices. Risk backdrop Over the session, the risk environment has been negative as investors are worried about more lockdowns and closures due to the COVID-19 pandemic. Oil companies have also been hit hard off the back of reports of higher Libyan production output and the aforementioned economic risk. The passing of U.S. Supreme Court Justice Ruth Bader Ginsburg also led some analysts to think that the fiscal stimulus could take longer. Travel companies have also taken a dive in the S&P 500 as Delta Airlines is down over 8% and United Airlines are over 6% lower. Oil companies like Haliburton and Schlumberger are also struggling with the latter dropping 8% in early trade. S&P 500 daily chart The S&P 500 has come up to an important support area at 3,233.25. The price did print below that level as it index hit a low of 3,229.10 but importantly there has not been a close below the zone. If there is a close below the zone over the next couple of sessions that could send a bearish message to the market. Beyond that, the next major zone is at the blue line just under the 3K level. The indicators are at an interesting point. The MACD histogram is in the red and the signal lines are testing the zero point. The Relative Strength Index is oversold and has made a lower low wave while the price has not made the same lower low as the indicator. The index is still in an uptrend and if the market makes a real lower high lower low wave then investors could get more worried. At the moment this can still be characterised as a deep correction. Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD breaks below 1.28 to test a critical support structure FX Street 2 years The S&P 500 is trading nearly 2% lower on Monday. Coronavirus fears step up the selling pressure in the indices. Risk backdrop Over the session, the risk environment has been negative as investors are worried about more lockdowns and closures due to the COVID-19 pandemic. Oil companies have also been hit hard off the back of reports of higher Libyan production output and the aforementioned economic risk. The passing of U.S. Supreme Court Justice Ruth Bader Ginsburg also led some analysts to think that the fiscal stimulus could take longer. Travel companies have also taken a dive in the S&P 500… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.