S&P 500 stock market index (SPX500, SPTRD, SP 500 or US500) is at Multiple Resistances. What to Expect Now? Let us throw some insights into the important question.
After a tremendous and rapid drop from the all time high of 3,397.20 to 2,184.31, S&P 500 stock market index (SPX500, SP 500) is now facing multiple resistances.
The drop from 3,397.20 to 2,184.31, S&P 500 stock market index (SPX500, SP 500 or US500) is a massive 1,212.89 points which is equal to 35.70% drop in value. This massive drop for S&P 500 stock market index (SPX500, SP 500 or US500) happened in only 22 daily bars from 20-Feb-2020 to 23-Mar-2020. After that S&P 500 stock market index (SPX500, SP 500) has rallied till the time of writing this post to 2,879.57.
Now at this level of 2,879.57 S&P 500 stock market index (SPX500, SP 500 or US500) is facing the following resistances as shown in the chart below:
- 200 period daily exponential moving average
- 61.8% Fibonacci level
- Also we observe a Crack & Snap Back phenomenon at point 1 and 2 above.
Now, if S&P 500 stock market index (SPX500, SP 500 or US500) is closing below 2,869.09 on a daily basis and its low is taken out then our price objectives are as below:
- 2,815.65
- 2,786.71
- 2,761.88
- 2,747.47
- 2,671.59
- 2,658.59
- 2,590.41
- 2,578.55
- 2,550.98
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