Markets Wrap: S&P 500 Strikes out 2020 Highs as Coronavirus Fears Mount


S&P 500 Price Analysis – February 2

The S&P 500 Index strikes out its 2020 highs on heightened concern that the spread of the coronavirus will slam global economic growth with the S&P 500 dropping more than 3% from its all-time high on January 22.

Key Levels
Resistance Levels: 3400, 3350, 3300
Support Levels: 3200, 3157, 3026

S&P 500 Long term Trend: Ranging

In the prior session, the S&P 500 sank 1.8% as of 4 p.m. New York time, the largest tumble in four months. The price initially gapped lower to kick off the week, rallied to fill the gap, and then broke back down. Because of this, it looks as if the S&P 500 is finally ready to get a bit of a pullback.

A significant amount of support near the 3200 levels exists, where buyers can lean on the anticipated bulls. If that level breaks down, then it’s likely that we go down to the 3100 levels after that.

S&P 500 Short term Trend: Ranging

On the 4-hour time frame, bull positions exist past the level of 3263.00 with targets on the level at 3300.00 & 3316.00 in extension.

Meanwhile, trending beneath the level of 3263.00, more short positions exist for further downside with the level of 3227.00 & 3200.00 as targets.

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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.