S&P 500 gives up 2.91% at 2792 as investors disappointed that President Trump was not ready with specific policies to support economy. The index managed to rebound yesterday from the lows that we haven’t seen since February 2019, amid the expectations of a relief package from the government. Meanwhile the coronavirus outbreak now has over 1000 confirmed cases in the U.S. and 28 deaths.
The United States Consumer Price Index came in at 2.3% beating expectations of 2.2% in February, The total CPI rose 0.1% on a monthly basis in February, above the market consensus of 0.0%.
S&P 500 dragged down by Norwegian Cruise Line Holdings Ltd. -15.17% at 17.39, Occidental Petroleum Corp. -17.23% at 11.90, Noble Energy Inc. -14.59% at 7.91 and Boeing Co. -11.66% at 204.20. The CBOE Volatility index is 10.32% higher at 52.18 to reflect the sour market mood.
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S&P 500 Resistance and Support
S&P 500 gives up some of yesterday’s gains as the coronavirus fear return to markets. The index is in bearish path after it breached below the 200-day moving average the previous week. Lower levels are on the cards amid increased volatility, and only a return of the S&P 500 above the 200-day moving average resistance might cancel the bearish momentum.
On the downside, the S&P 500 first support will be met at 2,757 today’s low. The next support stands at 2,713 the low from March 9th trading session. In case of a bearish breakout the next support area is at 2,696 the low from March 10th .
On the other hand, immediate resistance for the S&P 500 will be met at 2,877 the daily top. More offers might emerge at 2,965 the high from March 9th. If the S&P 500 manages to break higher the next supply zone stands at 3,060 the 200-day moving average.
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