S&P 500 Near Term Recovery Halts, as Downside Pressure Continues


S&P 500 Price Analysis – March 8

During the prior week, the S&P 500 rallied a little, rising past the 200 MA before plunging again. This is a market that is concerned about a lot of recessionary headwinds and as a result, we are likely to continue seeing the stock market in the red.

Key Levels
Resistance levels: 3400, 3220, 3100
Support level: 2854, 2772, 2600

S&P 500 Long term Trend: Bearish

In the previous trading session, the S&P 500 plummeted through the 3000 levels, as we continue to see a lot of uncertainty come up over global growth and recessionary concerns. If the market continues to make a fresh low, that would be exceptionally bearish, causing the market to plunge further and retry the support level of 2854.

The downtrend is expected to continue as the pair trades below the resistance level of 3000 deployed, while the uptrend can start as soon as the pair rises above resistance level 3069, followed by a trend towards the nearest resistance level at 3100.

S&P 500 short term Trend: Bearish

In the short term, the market is very likely to cause a lot of volatility in both directions, but it will level out sooner or later over the longer term.

The 200 MA has also been acting as a bit of the ceiling at this stage, limiting the advance upward around the level of 3250. The price lies at the point of 2964.4 level and it certainly indicates that the markets are quite eager to converge and try to find some kind of equilibrium.

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

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.