S&P500 has halted its 4- day of the bearish trend and shown a more than 50 points jump. The decline of more than 300 points on the outbreak of coronavirus. The spread of the virus to all major countries especially South Korea, Italy and the Middle East and the total number of infected people crossed 80000. The index hits low of 3091 and is currently trading around 3148.9.
The immediate resistance is around 3164 (23.6% fib) and any convincing break above will take the index till 3200 /3245.
On the flip side, near –term support is at 3086 (200- day EMA), violation below will drag the index down till 3050/3000.
It is good to buy on dips around 3130-35 with SL around 3100 for the TP of 3200.
