S&P 500 Price Analysis: US stocks cling to gains, challenge 2500 mark

S&P 500 is bouncing off 37-month lows and is challenging the 2500 level.
Investors are cheering that the Coronavirus relief bill has been passed.
This Monday, the Fed expanded its Quantitative Easing operation which is the largest stimulus scheme ever created.

Flavio Tosti Independent Analyst

S&P 500 daily chart

Markets are reacting positively as investors find relief in the Coronavirus relief stimulus by the US government. The S&P 500 is correcting up sharply after suffering one of the most dramatic decline in history. The pullback up is extending to the upside as bulls broke above the 2500 level while resistance can be seen near the 2600 and 2700 figures on the way up. On the other hand, support is seen near the 2400 and 2300 levels. This Monday, the Fed announced the extension of its QE program to manage the damage created by the coronavirus crisis.

Additional key levels

SP 500

Overview
Today last price	2487.25
Today Daily Change	25.50
Today Daily Change %	1.04
Today daily open	2461.75

Trends
Daily SMA20	2716.45
Daily SMA50	3076.24
Daily SMA100	3122.28
Daily SMA200	3042.33

Levels
Previous Daily High	2466.5
Previous Daily Low	2280.5
Previous Weekly High	2568
Previous Weekly Low	2273.25
Previous Monthly High	3395.25
Previous Monthly Low	2854.5
Daily Fibonacci 38.2%	2395.45
Daily Fibonacci 61.8%	2351.55
Daily Pivot Point S1	2339.33
Daily Pivot Point S2	2216.92
Daily Pivot Point S3	2153.33
Daily Pivot Point R1	2525.33
Daily Pivot Point R2	2588.92
Daily Pivot Point R3	2711.33

Author

Flavio Tosti

Independent Analyst

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