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S&P 500 Price Analysis: US stocks trades in 7-day’s highs, strong resistance ahead

  • S&P 500 is bouncing off 37-month lows and is nearing the 2600 mark.
  • Strong resistance is expected in the 2600/2700 zone. 

 

S&P 500 four-hour chart

 
The S&P 500 is pulling back up after suffering one of the sharpest decline in history. While the market is correcting and some investors call for a v-shaped recovery, the S&P 500 will need to clear the 2600/2700 resistance to create a more reliable bottom. In the meanwhile, the market is likely to remain vulnerable below the above-mentioned price area. Support is seen near the 2500, 2400 and 2300 levels on the way down.
   

Additional key levels 

 

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