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S&P 500 Price Analysis – February 25
On Monday, the S & P 500 had a huge rally, breaking the main uptrend line downwards quite significantly during the trading session, testing the lows at 3215 levels. Finally, the impact of COVID-19, better known as coronavirus, began to strongly affect financial markets.
Key levels
Resistance Levels: 3400, 3360, 3300
Support Levels: 3200, 3100, 3000
S&P 500 long term Trend: Bullish
The S&P 500 Index trend is retracing significantly beneath the moving averages of 5 and 13 as the bulls are keen to keep the uptrend going and to protect low of 2020 and vital figure at 3200 levels.
Failure to do so, however, could see the bears extend the downward movement towards 3100 and the 3000 levels. On the flip side, a bullish recovery can uncover a resistance near the levels of 3300 and 3360.
S&P 500 Short term Trend: Bearish
The 3200 levels underneath break would result in a major breach of support on the 4-hour time frame, and if the market breaks down beneath here, the S&P 500 will likely go down in the future.
It’s not a market at this stage that can be followed through with the bearish bias and start selling, but the downside risk may increase on the off chance it breaks down beneath the 3200 levels.
Instrument: S&P 500
Order: Buy
Entry price: 3220
Stop: 3200
Target: 3270
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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