S&P500 technical analysis: US stocks drop to 5-day lows sub-2,940.00

The S&P500 is pulling back down after hitting a new all-time time.
The market can continue to drop towards 2,880.00 and 2,960.00 support.

Flavio Tosti Independent Analyst

S&P500 daily chart

Last week, the S&P500 found resistance below 2,965.00 new all-time high. The market is retracing and trading at 5-day lows.

S&P500 4-hour chart

The stock index is trading below its 50 SMA suggesting a correction down. The S&P500 is about to test the 2,910.00 support. If broken to the downside, the bears can reach 2,880.00 and 2,840.00 on the way down. Resistance is at the 2,940.00 and 2,960.00 levels.

Additional key levels

SP 500

Overview
Today last price	2912.25
Today Daily Change	-7.25
Today Daily Change %	-0.25
Today daily open	2919.5

Trends
Daily SMA20	2868.36
Daily SMA50	2878.35
Daily SMA100	2849.36
Daily SMA200	2763.6

Levels
Previous Daily High	2954.5
Previous Daily Low	2917
Previous Weekly High	2965
Previous Weekly Low	2885
Previous Monthly High	2959.75
Previous Monthly Low	2749.75
Daily Fibonacci 38.2%	2931.32
Daily Fibonacci 61.8%	2940.18
Daily Pivot Point S1	2906.17
Daily Pivot Point S2	2892.83
Daily Pivot Point S3	2868.67
Daily Pivot Point R1	2943.67
Daily Pivot Point R2	2967.83
Daily Pivot Point R3	2981.17

Author

Flavio Tosti

Independent Analyst

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