S&P 500 Index Momentum Shift Down at Level 3431.75 Support

S&P 500 Index Momentum Shift Down at Level 3431.75 Support


The S&P 500 headlines changed the hopes of the stimulus concern about the vaccine of the COVID-19. It was enough to rally to the fuel to the steep break.

The S&P 500 futures are trading lower at the level to the four-day winning streak to triggered the concern of the vaccine of the Coronavirus although the stock goes rally to prop up the Index. The S&P 500 Index seems at the level of 3511.50 to the down at 21.25.

If we see the swing chart it will seem to the uptrend that changes the bottom at the level 3198.00.

The minor trend of the S&P 500 is also traded up at the 3330.50 that will change the minor trend to the downward. Moreover, the short term range goes from the level 3576.25 to 3198.00 and the retracement level is 3431.75 to 3387.00 to the nearest potential downside the support zone that was holding and generate the current upside bias.

The Renewed upside seems the momentum that challenges the level at 3541.00 that triggers an acceleration to the upside with the 3576.25 to the major upside target. If we have a look at the downside momentum that will increase the short term Fibonacci level at the level 3421.75 to the primary downside level to the short term of the 50% level at 3387.00.

If the level 3387.00 falls flat as help, at that point search for a potential increasing speed to the downside.