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18 May 2020
S&P 500 Price Analysis: US Stocks en route to the 3000 mark
- S&P 500 bullish recovery from mid-March stays intact.
- The level to beat for buyers is the 2950 resistance.
S&P 500 daily chart
After the February-March crash, the S&P 500 has been regaining bullish steam. The market is consolidating the sharp advance as it is trading just below the 2950 resistance while trading above the 50 SMA on the daily chart. Buyers stay in full control of the S&P 500 with the idea of regaining the 2950 level en route towards the 3000 round figure near the 100 and 200 SMAs. Conversely, support can be seen near 2900 and 2855 levels.
Additional key levels