S&P500 technical analysis: US stocks might be at the edge of a cliff as bears challenge the 2,800.00 mark

S&P500 daily chart
 
The S&P500 Index is in a bull trend above its 100 and 200-period simple moving averages (SMAs). The market dropped sharply this Tuesday as it is about to end the day just near the 2,800.00 figure.

S&P500 4-hour chart

The market is trading below its main SMAs suggesting bearish momentum. If bear break below the 2,800.00 level sellers could send the market towards 2,760.00; 2,720.00 and 2,700.00 levels. Resistances are seen at 2,840.00 and 2870.00 levels.

Additional key levels