S&P500 has shown a dead cat bounce till 3130 levels and started to decline. The index has lost more than 15% due to the outbreak of coronavirus. The overall trend is weak as long as resistance 3145-50 holds. The index hits a low of 3047 and is currently trading 3057.80.
Technically, immediate support is around 3049 (200- day MA) and any violation below will drag the index down till 3000/2975.
The near term resistance is at 3083 and any violation above targets 3100/3145.
It is good to sell on rallies around 3075-80 with SL around 3120 for the TP of 2975.
