S&P 500 Price Analysis: Pushing against the 3000 level on hopes of economic recovery

• The S&P 500 index remains moving at 2, 1/2 month highs near the 3000 psychological level.
• Concerns about Trump's response to China have dampened market mood on Wednesday

The S&P 500 Index has retrieved the whole coronavirus slump to reach levels beyond 3000 for the first time since early March. Investor’s optimism about a quick economic recovery as the main economies lift their restrictions and the progress towards a COVID 19 vaccine have been buoying investors’ sentiment to push equities higher.

The S&P index, however, has failed to confirm above the psychological 3000 level and is pulling back on Wednesday as risk appetite faltered after US President Trump announced a strong response to China’s security bill in Hong Kong.

On the upside, above the 3000 level, bulls might gain confidence to aim towards 3075 and 3115. On the downside, immediate support lies at 2960 with next potential support levels at 2900 and 2852.

S&P 500 daily chart