S&P500 technical analysis: Stocks retreat as trade war advances

The Markit preliminary PMI (May) for both the EU and the US missed expectations increasing fears of a global economic slowdown led by the Sino-US trade war.
The S&P500 takes a dive but remain above the 2,800.00 mark.

Flavio Tosti Independent Analyst

S&P500 daily chart

The S&P500 Index is in a bull trend above its 100 and 200-period simple moving averages (SMAs).

S&P500 4-hour chart

The market is trading below its main SMAs as the index almost reached the 2,800.00 level.

S&P500 30-minute chart

The S&P500 is trading below its main SMAs suggesting bearish momentum in the near term. Bears can still have another leg down to 2,800.00 and 2,790.00 support. Resistances are seen at 2,835 and 2,845.00 levels.

Additional key levels

SP 500

Overview
Today last price	2820.25
Today Daily Change	-35.75
Today Daily Change %	-1.25
Today daily open	2856

Trends
Daily SMA20	2886.34
Daily SMA50	2878.22
Daily SMA100	2805.18
Daily SMA200	2769.08

Levels
Previous Daily High	2868.75
Previous Daily Low	2847.75
Previous Weekly High	2892.25
Previous Weekly Low	2801.75
Previous Monthly High	2954.75
Previous Monthly Low	2850.25
Daily Fibonacci 38.2%	2855.77
Daily Fibonacci 61.8%	2860.73
Daily Pivot Point S1	2846.25
Daily Pivot Point S2	2836.5
Daily Pivot Point S3	2825.25
Daily Pivot Point R1	2867.25
Daily Pivot Point R2	2878.5
Daily Pivot Point R3	2888.25

Author

Flavio Tosti

Independent Analyst

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