A Fresh Rebound on S&P 500, yet Displays Extreme Volume to the Downside

A Fresh Rebound on S&P 500, yet Displays Extreme Volume to the Downside

S&P 500 Price Analysis – March 1

The S & P 500 had a terrible past week, when it broke past the level of 3000 during the end of the week, the market seems to be starting to change its setting as a whole, but is showing extreme volume downward. As the coronavirus begins to spread, fears in the world market are spreading and the results are unpredictable.

Key Levels
Resistance levels: 3400, 3220, 3000
Support level: 2854, 2772, 2600

S&P 500 Long term Trend: Ranging

The S & P 500 has been in a free-fall mode since February 20, as it has reached a resistance level at a record high of 3,392.21 level.

The price creates the longest sell-off period since December 2018 and broke through the main horizontal support lines, posting a new four-month low at 2854 with a rebound to 2996 levels today.

S&P 500 Short term Trend: Bearish

Currently, the index is trading at 2989.00 level after an attempt to close the breakdown of the support zone, the breakdown of which plunged past 3000.00 level in the previous session.

We could see attempts to hold onto 3000.00 level; however, if this fails, the following two supports are valued at 2854.00 and 2772.9 level.

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.