S&P 500 Price Analysis: US stocks advance taking a breather above 3000 mark

 

 

After the crash seen in February-March, the S&P 500 is rebounding up sharply while regaining most of the lost ground. The market is hovering in 2.5-month highs above its main SMA on the daily chart. The index broke beyond the 3000 key resistance which is seen as a bullish sign. As buyers stay firmly in control, the index is eyeing the 3075/3100 price area and the 3180 level in the medium-term. On the flip side, support can emerge the 3000, 2960 and 2900 levels initially.