S&P500 Technical Analysis: Stock market remains weak after Wednesday’s sell-off

The S&P500 has almost erased the last three months of trading in about two weeks.
The S&P500 continued the sell-off started on Wednesday although some buying interest was there above 2,700.00 figure. The RSI, MACD and Stochastic indicators are in negative territories suggesting further weakness.
There is no sign of a bottom and the bear momentum remains for the moment intact with supports seen near 2,718.75 (April 17 high) and 2,710.00 (October 11 low).

Flavio Tosti Independent Analyst

S&P500 daily chart

Spot rate: 2,744.50
Relative change: -0.74%
High: 2,794.9
Low: 2,708.8

Main trend: Bullish
Short-term trend: Bearish

Resistance 1: 2,763.50 July 11 low
Resistance 2: 2,800.00 figure
Resistance 3: 2,834.25 current October 10 low
Resistance 4: 2,853.00 August 9 low
Resistance 5: 2,863.75 August 7 high
Resistance 6: 2,877.00 January swing high

Support 1: 2,718.75 April 17 high
Support 2: 2,710.00 October 11 low
Support 3: 2,700.00 figure
Support 4: 2647.25 March 2 low

Author

Flavio Tosti

Independent Analyst

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