20 May 2020
S&P 500 Price Analysis: US stocks nearing the 3000 mark ahead of FOMC minutes
- S&P 500 bullish recovery from mid-March remains intact.
- FOMC minutes are to be released at 18.00 GMT this Wednesday.
S&P 500 daily chart
Following the February-March crash, the S&P 500 has been regaining considerable bullish strength. The market is challenging the May’s highs and the 100 SMA on the daily chart. As bulls remain in control a run to the 3000.00 round number can be on the cards. Further strength above the mentioned level can lead to the 3075/3100 price zone. On the other hand, support can emerge near 2950 and 2900 levels. Meanwhile, the FOMC minutes will be released at 18.00 GMT.
Additional key levels