S&P500 Technical Analysis: Panic hits Wall Street as US Stocks are deeply into the red

• The S&P500 is extending the bearish move initiated on October 10 breaking to levels not seen since late June. The market broke below the significant 200-day simple moving average. 
• The market is also breaking below the 2,700.00 figure and there is no sign of the market decelerating. The RSI, MACD and Stochastic indicator all support lower prices ahead. 
• The next targets to the downside are likely located near 2,647.25 (March 2 low) and 2,600.00 figure. 
   

S&P500 daily chart 

Spot rate:                  2,694.00
Relative change:      -2.24%     
High:                         2,744.75
Low:                          2,691.75

Main trend:               Bearish
 

Resistance 1:           2,710.00 October low 
Resistance 2:           2,718.75 April 17 high
Resistance 3:           2,763.50 July 11 low
Resistance 4:           2,800.00 figure
Resistance 5:           2,834.25 current October 10 low
 
Support 1:                2,700.00 figure
Support 2:                2,647.25 March 2 low
Support 3:                2,600.00 figure