- The S&P500 is starting the week on the back foot, declining below last week’s high.
- The level to beat for bears are at the 2,890 and 2,870 levels.
S&P500 daily chart
The S&P 500 Index (ES futures) ended the day just at the 2,900 handle below the 50/100 day simple moving averages (DSMAs) as the market is choppy between the 2,800 and 2,950 levels. The spot market was closed in observance of the Labour Day in the US.
S&P500 4-hour chart
The market is challenging the 2,900 level and the 50/100 SMAs. Bears want a break below 2,890 support to drive the index towards 2,870 and 2,850 support.
S&P500 4-hour chart
The index is testing the 200 SMA, suggesting a correction down in the near term. Immediate resistances are seen at 2,910 and 2,930 levels.
Additional key levels
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