S&P 500 Back Above $3,000 After Coronavirus Scare!

SP:SPX   S&P 500 Index
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.

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As always, keep it simple, keep it Sublime.

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