S&P 500 Post Worst Performance in Q1 As Negative Risk Stays Despite the Rebound

S&P 500 Price Analysis – April 5

In the first quarter of the financial crisis, the S&P 500 reported its worst performance, as recorded cases of coronavirus now amount to over a million globally. The S&P 500 began the new quarter after rising by 17.9% relative to its low in the last seven trading days, with a marginal 4.4% fall.

Key Levels
Resistance Levels: 3139.0, 2900, 2600
Support levels: 2400, 2179.3, 2000

S&P 500 Long term Trend: Bearish

From a technical point of view, despite the latest rebound, nevertheless, negative risks remain unchanged. Staring at the S&P 500, especially with the current upside down, it barely stands above a long-term supporting trendline.

The S&P 500 is fragile under the resistance levels of 2500/2600, as the bullish movement seems to have eased at the end of March, although sellers may return in force to the market to push it down to the levels of 2332.0 and 2250.1 with resistance expected to be near the level of 2600 and 2700.

S&P 500 Short term Trend: Ranging

The market inevitably attempts to rebound, and it seems, at a second glance, the price is again running out of upside momentum. As per the RSI, an upswing is probable as the market is hovering past oversold region.

The path to the supportive zone of 2332.0 -2179.3 levels may open if the index falls significantly beneath the ascending trendline. The next major hurdle between 2100 and 2000 levels may develop from this floor.

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