S&P500 Index technical analysis: The yield curve inversion sends US equities into panic


  • The S&P500 erases Tuesday's gains as the yield curve inverts. 
  • The market could continue declining towards the 2,814.00 and 2,790.00 levels.
 
 

S&P500 daily chart

 

The S&P 500 Index broke below the 2,900.00 handle and the 50/100 day simple moving averages (DSMAs) as the yield curve inversion is seen as a recession signal by investors.
  

S&P500 4-hour chart

 
 
The market broke several levels of support and below its main SMAs. The bears are back in control and could drive the market lower towards 2,814.00 and 2,790.00 support in the medium term.

S&P500 30-minute chart

 
The market is under pressure below the main SMAs. The 2,850.00 level could act as resistance as well as the 2,870.00 level.

Additional key levels

SP 500

Overview
Today last price 2844
Today Daily Change -88.00
Today Daily Change % -3.00
Today daily open 2932
 
Trends
Daily SMA20 2956.62
Daily SMA50 2946.2
Daily SMA100 2910.41
Daily SMA200 2798.1
Levels
Previous Daily High 2944.25
Previous Daily Low 2867.25
Previous Weekly High 2941.5
Previous Weekly Low 2790.5
Previous Monthly High 3028.5
Previous Monthly Low 2952.25
Daily Fibonacci 38.2% 2914.84
Daily Fibonacci 61.8% 2896.66
Daily Pivot Point S1 2884.75
Daily Pivot Point S2 2837.5
Daily Pivot Point S3 2807.75
Daily Pivot Point R1 2961.75
Daily Pivot Point R2 2991.5
Daily Pivot Point R3 3038.75

 

 

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