All-Time High Recorded on S&P 500 in the Face of Coronavirus Outbreak

11 February 2020 | Updated: 11 February 2020

S&P 500 Price Analysis – February 11

S & P 500 rose significantly during the trading session on Tuesday, breaking above 3360 levels as the market is at a record high, and it shows no signs of a return of these gains.

Key Levels
Resistance Levels: 3450, 3400, 3380
Support Levels: 3338.5, 3300, 3270.3

S&P 500 Long term Trend: Bullish

S & P broke through the 3360 levels in an endless bullish trend to reach the 3370/3400 level in the near term, and possibly to 3478/80 levels this week.

Failure to stay past the 3360 level risks slipping back to 3338 levels, and possibly to 3316 levels while the decline is expected to be contained, but beneath the 3338 risks farther to the 3316/3300 levels.

S&P 500 Short term Trend: Bullish

On the other hand, there is the likelihood of some type of rollback to get a little support, and the look at the recovery continues from there. The moving averages 5 and 13 are floating directly along with the trendline, thereby giving ample chance to finding buyers below.

Besides, unless something fundamental is altered, it is hard to imagine that the stock market could fall apart. Rollback to the levels of 3300 or again to the trend line, since value prepositions, nevertheless, at the moment, major bears are almost impossible.

Instrument: S&P 500
Order: Buy
Entry price: 3360
Stop: 3338
Target: 3400

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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.