S&P 500 Price Analysis: US stocks trades in 7-day’s highs, strong resistance ahead

S&P 500 is bouncing off 37-month lows and is nearing the 2600 mark.
Strong resistance is expected in the 2600/2700 zone.

Flavio Tosti Independent Analyst

S&P 500 four-hour chart

The S&P 500 is pulling back up after suffering one of the sharpest decline in history. While the market is correcting and some investors call for a v-shaped recovery, the S&P 500 will need to clear the 2600/2700 resistance to create a more reliable bottom. In the meanwhile, the market is likely to remain vulnerable below the above-mentioned price area. Support is seen near the 2500, 2400 and 2300 levels on the way down.

Additional key levels

SP 500

Overview
Today last price	2564.25
Today Daily Change	74.25
Today Daily Change %	2.98
Today daily open	2490

Trends
Daily SMA20	2685.89
Daily SMA50	3060.16
Daily SMA100	3116.43
Daily SMA200	3040.17

Levels
Previous Daily High	2572.75
Previous Daily Low	2399.5
Previous Weekly High	2568
Previous Weekly Low	2273.25
Previous Monthly High	3395.25
Previous Monthly Low	2854.5
Daily Fibonacci 38.2%	2506.57
Daily Fibonacci 61.8%	2465.68
Daily Pivot Point S1	2402.08
Daily Pivot Point S2	2314.17
Daily Pivot Point S3	2228.83
Daily Pivot Point R1	2575.33
Daily Pivot Point R2	2660.67
Daily Pivot Point R3	2748.58

Author

Flavio Tosti

Independent Analyst

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