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.

Flavio Tosti Independent Analyst

Trump attempts to 'Twitter-up' the stock market to no avail, blames Fed for inverted yield curve.

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

Author

Flavio Tosti

Independent Analyst

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