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S&P500 Price Analysis: Largest daily advance in one decade after major selloff, trades near 2700 level

  • S&P500 rebounds sharply after seeing worst selloff since 1987 on Thursday. 
  • Resistances are seen at the 2700 and 3100 price levels.
 

S&P500 daily chart

 
The S&P500 Index is retracing back up sharply following one of the worst days in history on Thursday as the Coronavirus is spreading fear. As the market is pulling back up, the index could climb towards the 2900 and 3100 price levels in the coming sessions. However, as the S&P500 remains fragile the move up may end up being a dead-cat bounce if the 2400 support fails to hold prices.  
 

Additional key levels 

 

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