S&P 500 Back Above $3,000 After Coronavirus Scare!
The coronavirus infected the markets last week, amid fears of a potential worldwide major
outbreak and the possible effect that may have on the economy.
In one week, price fell by over 10% which is a sharp decline in such a short space of time.
The fall was only saved by a strong previous level of resistance turned support,
formed from the high of 17th February 2018 at $2,940.
Price has made a sharp reversal to the upside so far this week, also trading above the
$3,000 round number.
Price has some way to go before it can reach the current all-time high of $3,393 set 2 weeks ago,
but price may head back up with a similar speed at which it declined.
Going forward we want to see price remain above the $3,000 round number and we want to see
higher highs and higher lows forming on the daily timeframe. This will indicate that the buyers
are in control but a break and close above $3,393 will confirm a continuation of the uptrend.
We still need to stand aside until the market confirms the bullish trend is back in play.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
outbreak and the possible effect that may have on the economy.
In one week, price fell by over 10% which is a sharp decline in such a short space of time.
The fall was only saved by a strong previous level of resistance turned support,
formed from the high of 17th February 2018 at $2,940.
Price has made a sharp reversal to the upside so far this week, also trading above the
$3,000 round number.
Price has some way to go before it can reach the current all-time high of $3,393 set 2 weeks ago,
but price may head back up with a similar speed at which it declined.
Going forward we want to see price remain above the $3,000 round number and we want to see
higher highs and higher lows forming on the daily timeframe. This will indicate that the buyers
are in control but a break and close above $3,393 will confirm a continuation of the uptrend.
We still need to stand aside until the market confirms the bullish trend is back in play.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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