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Technical outlook:
SPX500 has dropped from around 3,400 levels in February 2020 to 2,200 levels in March 2020, a decline of nearly 40%, after the COVID-19 pandemic took its ugly spread in late January 2020. Still, the drop might not be over as most consider the recent rally to be the beginning of a trend. It would be mistaken to go long while we are still in the middle of a corrective rally and the trend might resume lower any time from current levels, 2,600/50. Please note that the counter trend rally has managed to retrace close to fibonacci 50% of the recent drop around 2,600/50, as most indices world wide. The down trend line has been passing through the same region as shown above and would offer enough resistance for the down trend to resume. Strong resistance is seen through 3,140 levels, while intermediary support remains at 2200 respectively. An aggressive trade setup would be to sell around current levels with risk around 2,950 and potential target below 2,000 levels.
Trading plan:
Sell @ 2,600/50, stop above 2,950, target below 2,000.
Good luck!
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